Current cost is defined as the amount that would be paid if all equipment, facilities, and services included in the estimate were acquired during the current period. Capital assets used for a single cell should be fully depreciated by the date that each cell is closed. The remainder of the liability should be reported in the general long-term debt account group. Entities also are required to disclose how closure and postclosure care financial assurance requirements are being met. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 1993.
Earlier application is encouraged.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including public benefit corporations and authorities, public employee retirement systems, governmental utilities, governmental hospitals and other healthcare providers, and governmental colleges and universities. Paragraph 3 discusses the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission.