In contrast, much has happened in the areas of Not-for-Profit and Government accounting for fixed assets. FASB ordered the capitaliza- tion of assets and charging of depreciation by Not-for-Profits. The gov- ernment Accounting standards Board was created as an equal to the FASB with the authority and responsibility to promulgate GAAP for governments. They replaced the Government Finance Officer…
ost accounting professionals believe that all there is to be learned about asset accounting occurred in the introductory course on princi- ples of accounting. Therefore, although this subject can become quite complex, it has not been explored in the accounting literature. In 1984 when the Federal Communications Commission (FCC) called for the rewriting of the uniform system of accounts for tel…