Accountants' Handbook Special Industries and Special Topics 10th Edition_8

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Accountants’ Handbook Special Industries and Special Topics 10th Edition_8 32.7 NEW DISCLOSURE REQUIREMENTS 32 81 •Exhibit 32.9 Continued.32 82 STATE AND LOCAL GOVERNMENT ACCOUNTING •(b) REQUIRED NOTE DISCLOSURES ABOUT CAPITAL ASSETS AND LONG-TERM LIA-BILITIES. Details should be disclosed in the notes about capital assets and long-term liabili-ties of the primary government, divided into their major classes and between those associatedwith governmental activities and those associated with business-type activities. Capital assetsnot being depreciated should be disclosed separately. The following information should be dis-closed about major classes of capital assets: • Beginning- and end-of-year balances, with accumulated depreciation presented separately from acquisition cost • Capital acquisitions • Sales or other dispositions • Current depreciation expense, including the amounts charged to each of the functions in the statement of activities Collections of works of art, historical treasures, and similar assets not capitalized should bedescribed and the reasons they are not capitalized should be given. Disclosures as above shouldbe given for collections capitalized. The following information should be disclosed about long-term debt and other long-term li-abilities, such as compensated absences, claims, and judgments: • Beginning- and end-of-year balances • Increases and decreases, presented separately • The portions of each due within one year • The governmental funds that typically have been used to liquidate other long-term liabilities Whether to make similar disclosures about capital assets and long-term liabilities of dis-cretely presented component units is a matter of professional judgment, depending on each in-dividual component unit’s significance to the total of all discretely presented component unitsand the component unit’s relationship with the primary government.(c) DISCLOSURES ABOUT DONOR-RESTRICTED ENDOWMENTS. The following in-formation should be disclosed about donor-restricted endowments: • Net appreciation on investments of donor-restricted endowments available for authorization for expenditure by the governing board and how it is reported in net assets • State law about the ability to spend net appreciation • The policy for authorizing and spending investment income, such as a spending-rate or total- return policy(d) SEGMENT INFORMATION. Segment information should be disclosed by governmentsthat report enterprise funds or that use enterprise fund accounting and reporting standards. Forpurposes of this disclosure, a segment is an identifiable activity (or grouping of activities) re-ported as or within an enterprise fund or another stand-alone entity for which one or morebonds or other debt instruments (such as certificates of participation) outstanding, with a rev-enue stream pledged in support of that debt. (Such disclosure is not required for activitieswhose only outstanding debt is conduit debt for which the government has no obligation be-yond the resources provided by related leases or loans, and for individual funds reported asmajor funds.) In addition, the activity’s revenues, expenses, gains and losses, assets, and liabil-ities are required to be accounted for separately. (The requirement for separate accountingshould be imposed by an external party; for example, accounting and reporting requirements 32.8 REPORTING COMPONENT UNITS 32 83 •commonly are set forth in bond indentures.) Disclosure requirements for each segment shouldbe met by identifying the types of goods and services provided and by presenting condensed fi-nancial information in the notes, including the elements in the three subbullets under the sec-ond bullet below: • The kind of goods or services provided by the segment • A condensed statement of net assets: • Total assets, distinguishing between current assets, capital assets, and other assets, with amounts receivable from other funds or components reported separately • Total liabilities, distinguishing between current and long-term amounts, with amounts payable to other funds or components reported separately • Total net assets, distinguishing between restricted net assets––with expendable and non- expendable components reported separately, unrestricted net assets, and amounts in- vested in capital assets, net of related debt • A condensed statement of revenues, expenses, and changes in net assets: • Operating revenues, by m ...