| Subject |
Infrastructure |
| Authoritative Literature |
GASB 34 Paragraphs 18-26, 132-133, 148-166, 44-45
See Illustration G-5 Page 275
GASB 37 Paragraphs 6 (amendment to GASB 34 Paragraph 18); 8, 9 |
| General Description |
- Capital assets should be reported at historical cost, which includes
ancillary charges. Paragraph 18 as amended by GASB 37 Paragraph 6.
- Infrastructure includes roads, bridges, tunnels, drainage systems,
water and sewer systems, dams, and lighting systems. Paragraph 19.
- Infrastructure should be depreciated over its estimated useful life,
unless the modified approach per GASB para. 23-25 is followed. Paragraph
21.
|
| Current Reporting by STARS |
Infrastructure is not recorded in STARS. |
Conversion Issues
(Data Needed, Journal Entries Required) |
- Kansas Department of Transportation provides the infrastructure
information from their CAFR.
Reverse prior year
Dr. GLA3007 Fund Balance
Cr. GLA1048 Infrastructure.
Record current year
Dr. GLA1048 Infrastructure
Cr. GLA3007 Fund Balance
- Determined if the modified approach would be used.(GASB 34 paragraph
23-25).
- Determined method used to inventory, track and depreciate capital
assets.
- Determined when infrastructure reporting will be adopted (can choose
a later implementation date).
|
| Footnote Disclosure Required |
- Accounting policy for capital assets.
- Major classes of capital assets separated by governmental vs. business-type
activities as well as those being depreciated vs. those not being
depreciated.
- Disclosure should include:
- Beginning and end of year balances.
- Capital acquisitions.
- Sales or other dispositions.
- Current year depreciation expense, with disclosure of the amounts
charged to each of the functions in the statement of activities.
|
| Methodology of Gathering Data (including name of State agency and detail
description of data) |
The Kansas Department of Transportation will develop the policies and
gather the data. |
| Material State Agencies Affected |
- Kansas Department of Transportation
- It was determined that the capital assets of the Division of Wildlife
and Parks would not be accounted for as infrastructure.
|
| Policies |
- The modified approach will be used.
- The later implementation date will not be used.
|
| Contacts |
Lloyd Pinon, Kansas Department of Transportation |
