Status of Statement No. 42

Statement No. 42
Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries


Status

Issued: November 2003

Effective Date:

  • For periods beginning after December 15, 2004
Affects:

  • Amends GASBS 34, ¶19 and ¶21
Affected by:

  • Paragraph 1 amended by GASBS 63, ¶8
  • Footnote 2 amended by GASBS 62, ¶476–¶500
  • Paragraph 9 amended by GASBS 51, ¶18
  • Paragraphs 11 and 12 amended by GASBS 87, ¶34; GASBS 94, ¶52; and GASBS 96, ¶41
  • Paragraph 16 amended by GASBS 51, ¶18
  • Paragraph 17 amended by GASBS 62, ¶45–¶49 and GASBS 63, ¶8
  • Paragraph 18 amended by GASBS 51, ¶18
Other Interpretive Literature:

  • GASBIG 2015-1
  • GASBIG 2019-1
Primary Codification Section Reference: 1400

Abbreviations for Accounting Pronouncements

GASBS - GASB Statements
GASBCS - GASB Concepts
GASBI - GASB Interpretations
GASBTB - GASB Technical Bulletins
GASBIG - GASB Implementation Guides		 NCGAS - NCGA Statements
NCGAI - NCGA Interpretations
AICPA SOP - AICPA Statements of Position
AICPA ASLGU - AICPA Audit Guide (1974)
BFC - Basis For Conclusions

STANDARDS & GUIDANCE

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