Reporting entities, including those filing through the Michigan Treasury Online Filing system , must use these classifications to remain in compliance with Generally Accepted Accounting Principles (GAAP).
: GASB 65 alters how major funds are calculated by including these deferred elements in the percentage-based tests. Compliance for Local Governments :
: Some items previously capitalized (such as debt issuance costs, excluding prepaid insurance) must now be recognized as expenses in the period incurred according to the GASB 65 Summary . Financial Statement Impact :
: Specific items previously called assets (like certain derivatives or service concession arrangements) now move to this category.
