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ARE YOU READY FOR GASB 34 and GASB 35?
What is GASB Statement 34?
GASB stands for the Governmental Accounting Standards Board. The mission of this organization is "to establish and improve standards of state and local governmental accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports."
GASB 34, issued in June 1999, represents a significant change to traditional government financial reporting standards. For the first time, accrual accounting is required for all government activities and all capital assets are generally required to be depreciated. Additional supplementary information, such as the Management's Discussion and Analysis is now required.
Does GASB 34 apply to me?
GASB 34 effects all of the following governmental entities:
- General purpose governments
- Public benefit corporations
- Public colleges or universities (GASB35)
- Public hospitals and healthcare providers
- Public retirement systems
- Public school districts
- Public Utilities
What is GASB Statement 35?
GASB 35 Statement provisions to public colleges and universities was achieved through the issuance of Statement No. 35, Basic financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities.
What are the fixed asset requirements of GASB 34/35?
Fixed asset requirements of GASB 34/35 requires that fixed asset records must be maintained by public entities in a complete, accurate and detailed manner and that governments report all capital assets with the consideration of depreciation, including infrastructure assets and "historical treasures."
What kind of assets am I required to report to be in compliance with GASB 34/35?
Governments should report all capital assets, including infrastructure assets, in the government-wide statement of net assets and generally should report deprecation expense in the statement of activities.
Capital assets are those assets that have a useful life extending beyond a single reporting period. Capital assets should be recorded at their original cost (historical cost).
Some examples of capital assets are:
- Land and Easements
- Infrastructure (such as roads, bridges, sewers, dams, lighting systems, sidewalk systems, and tunnels)
Infrastructure assets that are part of a network or subsystem of a network are not required to be depreciated as long as the government manages those assets using an asset management system that has certain characteristics and the government can document that the assets are being preserved.
How will TigerEYES Fixed Asset Manager© Gold Edition help me meet my GASB 34/35 requirements?
In order to comply with the reporting requirement for capital assets, you will need complete fixed asset records that include the acquisition date and cost, asset lives and depreciation method for all capital asset classifications. You'll also need to depreciate capital assets and produce detailed fixed asset reports that help you complete the Statement of Activities required by GASB Statement 34/35. We have your solution in the works right now.
A variety of fixed asset accounting software packages exist today that can help you calculate depreciation on your capital assets.
TigerEYES Fixed Asset Manager© Gold Edition combines the latest accounting techniques, inventory reconciliation and powerful reporting features into one exceptional system so you can track, and report on your capital assets in the accurate and detailed manner you'll need to comply with GASB 34. TigerEYES Fixed Asset Manager© Gold Edition will help you conduct a thorough inventory of physical assets, reconcile the inventory against detailed fixed asset records, depreciate fixed assets using the correct depreciation methods, and produce precise financial reports that satisfy your organization's requirements.
Automating fixed asset management to save time and money, without sacrificing accuracy or control, is critical for businesses in all stages of growth. TigerEYES Fixed Asset Manager© Gold Edition software from Data ID Systems - the #1 Fixed Asset Management Software in the industry - is the best way to quickly and accurately calculate depreciation and answer tough questions about your fixed assets. And no matter how many (or few) assets you have, there is a software solution to meet your company's specific needs...
For additional information on TigerEYES fixed asset management solutions from Data ID Systems, please visit our Fixed Assets Software section to learn more about your GASB 34/35 compliance needs or, call 800.632.8243 to speak with a representative about your GASB 34/35 requirements.