Per GASB standards, governments do not report general capital assets or depreciation in governmental funds.

Question

Quizplus · Accepted Answer

GASB standards require governments to report general capital assets and depreciation in the government-wide financial statements, but not in the governmental funds. This is because governmental funds are focused on short-term financial resources and do not reflect the long-term investment in capital assets.

Per GASB Standards, Governments Do Not Report General Capital Assets