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Where are capital assets presented in the Governmental Fund Statements?

April 26, 2017assets Capital fund governmental presented statements

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Where are capital assets presented in the Governmental Fund Statements?

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A. “The financial statements for the governmental funds should be presented using the current financial resources measurement focus and the modified accrual basis of accounting…” (GASB No. 34, paragraph 79). For this reason, the capital (fixed) assets are part of the reconciliation to the Statement of Net Assets (Exhibit A-1) at the foot of the balance sheet (governmental funds statement) and are not a line item in the body of the governmental fund statements.