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Original Author: Darden, Don
Date of Material: 07/08/2004

Subjects(s):
Accounting--Fixed asset
Accounting
Accounting--Tennessee

Implementing GASB 34

Reviewed Date: 04/23/2021
Summary:
MTAS was asked for help in estimating the life expectancy of buildings and equipment.


I had provided the city with details about how to implement GASB 34. The Recorder needed help in estimating life expectancy of buildings and equipment. MTAS recommended:

1. Building--40 years
2. Backhoes--12 years
3. Fire Truck--20 years
4. Tractor--12 years
5. Police Cars --(3 to 8 years)
6. Rescue Equipment --10 years

Don J. Darden
MTAS Municipal Management Consultant