GASB allows governments with a population below 100,000 to choose the modified approach, whereby they are not required to record depreciation on general capital assets.

Question

Quizplus · Accepted Answer

The Governmental Accounting Standards Board (GASB) allows governments to use the modified approach for infrastructure assets, not based on population size, but on maintaining the assets at a certain condition level.

GASB Allows Governments with a Population Below 100,000 to Choose