GASB standards require that general capital assets be recorded in the government-wide statements at:

Question

Quizplus · Accepted Answer

GASB standards require that general capital assets be recorded at historical cost in the government-wide statements. This means that the assets are recorded at their original cost of acquisition, construction or development, rather than at their fair market value on the financial statement date. This approach ensures consistency and comparability of financial statements across different time periods.

GASB Standards Require That General Capital Assets Be Recorded in the Government-Wide