It follows due process in that interested parities can comment before rules are accepted. GASB is independent in that its costs are covered by contributions. Governmental funds handle most of the taxes and non business like expenditures. Governmental funds are guided by the compliance and liquidity model. This governmental category includes the general fund, special revenue funds, capital project funds, and debt service funds historical cost Historical cost is one methods for valuing assets, liabilities, or equity.
Historical cost means the price originally paid or the value given.
Often auxiliary costs are included such as commission, fees, and transportation. Both business and government rely heavily on historical cost since it is usually the easiest to attach to an item. Some proponents of historical cost also argue that it is the figure with the least amount of error, but this position is open to debate. In business, the original historical cost is adjusted by depreciation or some other allocation, but not in regular government funds. The term has a long history, going back to the early 1900's.