Summaries / Status
Summary of Statement No. 8
Applicability of FASB Statement No. 93,"Recognition of Depreciation by Not-for-Profit Organizations," to Certain State and Local Governmental Entities
This Statement provides that governmental colleges and universities and other governmental entities that use certain specialized industry accounting and reporting principles and practices should not change their accounting and reporting for depreciation of capital assets as a result of FASB Statement No. 93, Recognition of Depreciation by Not-for-Profit Organizations. However, governmental colleges and universities are not precluded from depreciating their capital assets under an option permitted by the AICPA Industry Audit Guide, Audits of Colleges and Universities.
The provisions of this Statement are effective on issuance.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, and governmental utilities, hospitals, colleges, and universities. Paragraph 10 discusses the applicability of this Statement.