The City of Abernethy has three large bridges built in the later part of the 1980s that were not capitalized at the time. In creating government-wide financial statements, the city’s accountant is interested in receiving suggestions as to how to determine a valid amount to report currently for these bridges.
Required
Use a copy of the GASB Codification of Governmental Accounting and Financial Reporting Standards as the basis for writing a report to this accountant to indicate various ways to make this calculation. Use the Topical Index or skim Section 1400 which covers “Reporting Capital Assets.”
Use examples that will help illustrate the process.
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