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Listing of Debts and Assets for GASB Compliance

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Reviewed Date: October 19, 2018

Original Author: 
Ashburn, Melissa
Date Created: 
Jan 8, 2003


Subjects:
Accounting
Accounting--Fund accounting
Auditing
Auditing--Financial
Finance
Finance reports
Utilities--Boards
Utilities--Finance

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.


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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MTAS letters and publications were written based upon the law at the time and/or a specific sets of facts. The laws referenced in the letters and publications may have changed and/or the technical advice provided may not be applicable to your city or circumstances. Always consult with your city attorney or an MTAS consultant before taking any action based on information contained in this database.