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Net Assets Restricted by Enabling Legislation—an amendment of GASB Statement No. 34: Dec.2004: Amended by GASBS 63; 47. Accounting for Termination Benefits: June 2005: Amended by various GASBS; 48. Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues September 2006: Amended by GASBS 63 ...
Governmental Accounting Standards Board (GASB). Created in 1984, the GASB addresses state and local government reporting issues. Its structure is similar to that of the FASB's, and the FASB and GASB are located together and share resources. Federal Accounting Standards Advisory Board (FASAB). Created in 1990, the FASAB addresses federal ...
The GASB Chairman characterized the statement as "the most significant change to occur in the history of government financial reporting." For the valuation of infrastructure assets, the Statement authorized both a standard depreciation approach and a modified approach that relied upon asset management analysis and systems as acceptable methods.
Sale of non-capital assets, such as inventory or stock of goods held for sale, generally is taxed in the same manner as other income. Capital assets generally include those assets outside the daily scope of business operations, such as investment or personal assets. The United States system defines a capital asset by exclusion. [7]
GE Capital Sees Growing Use of Inventory Working Capital Financing by Tech Firms in 2013 Channel cash flow challenges may also drive more M&A CHICAGO--(BUSINESS WIRE)-- GE Capital's Commercial ...
If she uses FIFO, her costs are 20 (10+10). If she uses average cost, her costs are 22 ( (10+10+12+12)/4 x 2). If she uses LIFO, her costs are 24 (12+12). Thus, her profit for accounting and tax purposes may be 20, 18, or 16, depending on her inventory method. After the sales, her inventory values are either 20, 22 or 24.