GASB 34 Definition

GASB 34 is Government Accounting Standards Board Statement 34. GASB 34 provides the broadest changes in government accounting practices since the inception of Generally Accepted Accounting Practice (GAAP) for governmental agencies dating back to the 1930s. The principal change that GASB 34 requires of government entities is the reporting of the value of capital assets on Consolidated Annual Financial Reports (CAFR).

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LICENSE is a legal document giving official permission to do something.

STATED CAPITAL is the declared total amount of money or other resources owned or used to acquire future income or benefits.

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