Impaired Capital Assets: A Closer Look At GASB Statement No. 42

Garnering international attention, hurricanes Katrina and Rita successively battered or destroyed property from Florida to Texas. Homes, businesses and other entities were all affected by the devastation of these storms. The destruction of this double-shot will take years to clean up, and some communities may never recover. As businesses struggle to recuperate, they also face the arduous task of identifying and testing for impairment of capital assets.