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Option #1: GASB Statement 34 and Reporting of Expenditures
Provide complete answers to the following two questions.
- Although Statement No. 34 requires that infrastructure assets be accounted for similarly to other capital assets, it allows for a major exception regarding depreciation. What is that exception?
- A governmentâ€™s interest expenditure as reported in its debt service fund differs significantly from its interest expense, as reported in its government-wide statements. What is the most likely explanation for the difference?
In your analysis, include the following:
- An introduction
- Requirements 1 â€“ 2