Description
Learn how to successfully identify and account for intangible assets within your organization.The implementation of GASB 34 raised many questions regarding accounting and financial reporting for capital assets, specifically intangible capital assets. This created inconsistencies in accounting for intangible assets across state and local governmental entities. This presentation outlines GASB Statement No. 51, Accounting and Financial Reporting for Intangible Assets. Attendees will learn about the reasons for the implementation of the standard, as well as how to successfully identify and account for intangible assets within their organization.
Date: 2024-12-03 Start Time: End Time:
Learning Objectives
Why Do We Have the Standard?
• GASB 34 Created Questions About the Recognition of Intangible Assets
• To Reduce Inconsistencies in Accounting and Financial Reporting of Intangible Assets.
• Foster Greater Comparability Among State and Local Government Financial Reporting
GASB 51 • Economic Resources Measurement Focus
• All Intangible Assets as Defined by GASB 51 Should Be Capitalized.
• Asset Must Be Separable (Able to Sell)
• Discussion on Internally Generated Intangible and Computer Software
GASB 51 • Current Financial Resources Measurement Focus
• Disbursements Are Recorded as Expenditures Are Incurred
• Government Wide Adjustment as Part of GASB 34 Conversion
Impacts From Future Standards
• GASB 87
• GASB 9
• Other Considerations
Daniel Anderson, CPA-Mauldin & Jenkins, LLC
