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

Question

Quizplus · Accepted Answer

GASB standards require general capital assets to be recorded at historical cost in the government-wide statements, which represents the cost at the time of acquisition or construction and includes all expenditures necessary to bring the asset to its intended use. This historical cost basis provides relevant and reliable information about the capital asset investments made by the government.

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