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Glenn Hegar  ·  Texas Comptroller of Public Accounts

Reporting Requirements for Annual Financial Reports of State Agencies and Universities

Notes & Samples

NOTE 2 – Capital Assets

Per GASB 34 and GASB 35, capital assets are reported in the governmental activities column in the government-wide statement of net position. Capital assets of proprietary funds are reported in both the government-wide and fund financial statements. Capital assets of fiduciary funds are reported only in the statement of fiduciary net position.

GASB 42 established accounting and financial reporting standards for impairment of capital assets and established accounting requirements for insurance recoveries. For additional information, see Impairment of Capital Assets and Insurance Recoveries.

GASB 62 established accounting and financial reporting standards for:

GASB 72 requires measurement at acquisition value (an entry price) for:

  • donated capital assets
  • donated works of art
  • historical treasures and similar assets
  • capital assets received in a service concession arrangement

These assets were previously measured at fair value.

Glenn Hegar
Texas Comptroller of Public Accounts
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