GASB Statements

GASB Statements

Introduction

Statements with respect to the accounting of the companies should be followed to make sure that the companies are performing business in the best possible manner. It should also be made sure that the companies are properly following the GASB statements in accordance with the nature of the business. The focus of the paper will be the GASB statement 42 that is related to the Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries.

Discussion

The requirement of this statement is only related to the capital assets that have the carrying value. Companies that have capital ...