Government Accounting


GASB publishes Statement no. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, which requires governments to report in their financial statements the effects of capital asset impairment when it occurs. Events that could produce such results include physical damage, variations in legal or environmental factors, technological changes or obsolescence, alterations in the manner or duration of an asset’s use and construction stoppage. The guidance also enhances financial statements’ comparability by requiring all governments to account for insurance recoveries in the same manner ( www.gasb.org/news/nr111803.html ). The statement is effective for fiscal years beginning after December 15 and is available from the GASB order department at 800-748-0659 or on the Web at http://store.yahoo.com/gasbpubs/gs42.html .

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Keeping you informed and prepared amid the coronavirus outbreak

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.

VIDEO

Excel walk-through: Sparklines

Want to liven up your spreadsheets with some color and graphical elements? Kelly L. Williams, CPA, Ph.D., shows how to use Excel sparklines, which illustrate data trends and patterns via small charts that fit in a single Excel cell.