Closing or Repurposing School Facilities? A Guide to Applying GASB 42 for Fixed Asset Impairments

Declining enrollment and massive budget cuts at local education agencies such as school districts and community college districts have in some cases led to class consolidation. As a result, some districts are facing the unattractive choice to close or repurpose existing buildings. In addition to mitigating the effects of such changes for their students and employees, districts also face the task of identifying whether these changes will be permanent or temporary…

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