JUUNI . will use the funds toward capital improvements. 12. Replace the following weak C od the following guidance in ASC 360-10-35-3, Depreciation expense in financial statements for an asset shall be determined based on the asset's useful life. Der GASB Statement No. 51, "... all intangible assets not specifically excluded by its scope provisions be classified as capital assets." (Summary page). In the Codification, ASC 450-20-25-2 says that An estimated loss from a loss contingency shall be accrued by a charge to income if both