A post-implementation review of an accounting standard for state and local governments on the impairment of capital assets and insurance recoveries found that it provides important information to users, but does not resolve all the issues it was meant to address.
Issued in 2003, GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries, establishes measurement guidance for capital asset impairments and requires governments to report the effects of those impairments when they occur, rather than as a part of the ongoing depreciation expense for the capital asset or upon disposal of the capital asset. It also provides uniform reporting guidance for insurance recoveries of state and local governments.
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