Generally accepted accounting principles require the exclusion of permanent property and the non-recognition of depreciation in most governmental funds. Although this issue was settled in the early 1930s fervent debate continued as to the merits of this practice from 1895 to around 1925. Several prominent accountants argued for the inclusion of permanent property and the recognition of depreciation in governmental funds during this earlier period.
Potts (1932-), James Harrel
"Brief history of property and depreciation accounting in municipal accounting,"
Accounting Historians Journal: Vol. 9
, Article 2.
Available at: https://egrove.olemiss.edu/aah_journal/vol9/iss1/2