Governmental Accounting Standards
Board’s Statement No. 34, Basic Financial Statements - and Management’s
Discussion and Analysis - for State and Local Governments (GASBS 34)
requires LUA’s to report capital assets at the government-wide reporting
level and in both the governmental activities and business type
activities column and at the fund reporting level. The capital asset
system that the LUA uses will serve as the database for reporting their
capital assets in the governmental fund activities column on the
government-wide statement of net assets. The LUA will need to add the
capital assets it purchases from governmental fund types to its capital
asset system.