Infrastructure asset refers to streets，bridges，gutters，and other assets of the government.

　　Infrastructure asset are recorded as general capital asset.They are only reported on the government-wide F/S.

　　Capitalization of construction period interest is not required for capital assets used in the governmental activities.

　　Required Vs. Modified Approach(subsequent measurement)

　　Required approach(for GASB 34 Depreciation of Capitalized Assets)。Depreciation expense that can be specifically identified with a functional category should be included in the direct expenses of that function.

　　Modified Approach (for GASB 34 Depreciation of Capitalized Assets)。Infrastructure assets that are part of a network or subsystem of a network are not required to be depreciated provided two requirements are met. Under the modified approach， infrastructure expenditures are typically reported as expenses， unless the outlays result in additions or improvements，in which case they would be capitalized.

　　Two requirements=Qualified Asset Management System+Disclosed Asset Preservation.

　　Qualified Asset Management System means

　　最新的合格资产清单

　　可计量的合格资产状况汇总

　　可估计的年度合格资产维保支出

　　Disclosed Asset Preservation

　　至少每三年进行一次彻底评估

　　评估结果证明合格资产的现状不差于政府设定并披露的标准

　　例子：X市考虑对排水管网采用modified approach. X市设定的排水标准为五年一遇。如果符合上述两标准，则可采用此方法。

　　RSI includes 1)reporting of the condition of the government‘s infrastructure;2)a comparison schedule of needed and actual expenditures to maintain the government’s infrastructure.

　　Change from required approach to modified approach or reverse，is accounting estimation change.

　　Impairment assessment are required.

　　Artwork and historical treasures

　　GR：Collection is capitalized on historical cost or fair value

　　SR：Not Capitalize. Need meet three conditions：

　　The collection is held for public exhibition

　　The collection is protected

　　The proceeds from sales of collection items to be used to acquire other items for collections

　　Interfund Activity

　　Within Government funds or Enterprise Fund，eliminated

　　Between Government fund and Enterprise Fund，reported as “Internal balances”

　　Between Government / Enterprise Funds and Fiduciary Funds reported as if external parties.

　　Statement of Activities is a consolidated statement of all governmental and business-type activities.It uses program approach.

　　The program approach provides cost information about the primary functions of the government and indicates each program‘s dependence on the general revenues of the government.

　　“BASE”of net position–Subtract(F9-19 上半部分)

　　In row direction，functions and programs are classified into three categories：

　　Primary government governmental activities

　　Primary government business-type activities

　　Component units

　　In column direction，there are expenses，indirect expenses allocation，and program revenue which is contain three 2nd tier revenues(“SOC”)

　　Charges for Services

　　Operating grants and contributions

　　Capital grants and contributions

　　Charges for services are revenues based on exchange or exchange-like transactions. E.g.water and sewer fee，building permits，housing prisoners， fines，and forfeitures，etc.

　　Operating / Capital grants and contributions are mandatory and voluntary NON-Exchange transactions，restricted for use in a particular program.

　　“BASE”of net position-Add(F9-19下半部分)

　　General revenues=taxes+interest earnings+other revenue

　　Special items and unusual OR infrequent and are within the control of management.

　　Internal service fund activity should generally be reported in the governmental activities column.

　　Fund F/S are required for the governmental，proprietary，and fiduciary funds.

　　GASB34 emphasize reporting by major fund.

　　Major fund must meet the 10% criteria within its category and also meet the 5% criteria associated with both categories.

　　Major fund criteria–Individual fund‘s total assets/liabilities/revenues/expenditures/expenses/deferred outflows of resources/deferred inflows of resources(类似Segment)

　　>=10% all Government Funds OR Enterprise Funds,And

　　>=5% all Government Funds AND Enterprise Funds,

　　The general fund will always be a major fund

　　Internal service funds are not considered in the evaluation of major and nonmajor funds.

　　Reconciliation of Governmental Fund F/S to Government-wide F/S

　　Reconcile from fund balance to net position(GLAS + BARE)

　　Reconcile from net change in fund balances to the change in net position(GOES+BARE)

　　时点调整：GLAS+BARE

　　Governmental funds balance

　　Less：non-current Liability

　　Add：non-current Assets

　　Service(internal)fund net position

　　Basis of accounting

　　Accrued

　　Revenues and Expenses

　　时期调整：GOES+BARE