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Governmental Accounting Standards Board Statement Number 8In January 1988, the Governmental Accounting Standards Board issued Governmental Accounting Standards Board Statement 8: Applicability of FASB Statement No. 93, Recognition of Depreciation by Not-for-Profit Organizations to Certain State and Local Governmental Entities . Summary This Statement provided that governmental colleges and universities and other governmental entities that use certain specialized industry accounting and reporting principles and practices should not change their accounting and reporting for depreciation of capital assets as a result of FASB Statement No. 93, Recognition of Depreciation by Not-for-Profit Organizations. However, governmental colleges and universities are not precluded from depreciating their capital assets under an option permitted by the AICPA Industry Audit Guide, Audits of Colleges and Universities. Status As noted below, this Statement has been superseded by GASB 35. Effective Date The provisions of this Statement were effective on issuance. Amends earlier standards This Statement did not affect any earlier pronouncements. Amended by later statements This entire Statement was superseded by GASB 35, 5. Prior to the issuance of that Statement, it had been amended by GASB 29 and GASB 34. Specifically, paragraphs 10 and 11 and footnote 3 were amended by GASB 34, 21, 22, 29, 92, 107, and 134-141, and paragraph 11 was previously amended by GASB 29, 6. Discussion
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