GASB 51

GASB Statement 51, Accounting and Financial Reporting for Intangible Assets, is effective beginning July 1, 2009 for audits FY 2010.  For districts reporting on the accrual basis of accounting, the cumulative effect, if any, of applying this Statement requires a restatement of beginning net assets, fund balances, or fund net assets (as appropriate). This means that certain intangible assets (and related amortization) in existence from July 1, 1980 to June 30, 2009 may need to be reported as the beginning (July 1) balance for intangible assets for FY 2010. See the reference to “Retroactive Reporting” contained in the policy for further details. The ISFIS supplemental policy and negotiations services Policy Booster includes a sample GASB 51 Accounting and Financial Reporting for Intangible Assets policy.  See the sample.