Knowledgebase-Listing of Debts and Assets for GASB Compliance


Information Product

Title:Listing of Debts and Assets for GASB Compliance
Summary:MTAS was asked whether the city should list the assets and debts of the Utility Board when compiling the accounting sheets required by GASB.
Original Author:Ashburn, Melissa
Co-Author:
Product Create Date:01/08/2003
Last Reviewed on::10/31/2016
Subject:Accounting; Accounting--Fund accounting; Auditing; Auditing--Financial; Finance; Finance reports; Utilities--Boards; Utilities--Finance
Type:Legal Opinion
Legal Opinion: Listing of debts and assets for GASB compliance public.doc

Reference Documents:

Text of Document: January 8, 2003

Re: Listing of debts and assets for GASB compliance

Dear Madam,

You have asked whether the city should list the assets and debts of the City Utility Board when compiling the accounting sheets required by GASB. I have discussed the question with Accounting Consultant Al Major who advises that such assets and debts should not be listed with the city assets or debts, but should rather appear on a balance sheet for “enterprise funds.”

I admit that I have very limited knowledge when it comes to these accounting requirements, so I defer to the expertise of Al Major and our other finance and accounting experts. Please feel free to call Al Major directly if you need further information, or use me as a conduit if you cannot reach him.

I have enclosed a copy of Al’s publication “GASB Statements Number 33 and 35.” It contains some very helpful information for those who carry the burden of compliance with these convoluted regulations.

Please contact me if I may be of further assistance. Thank you for consulting with MTAS.

Sincerely,

Melissa A. Ashburn
Legal Consultant

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