GASB Statements 34 & 35

Government Accounting Standards Board

As a government entity you may need to comply with standards issued by the Governmental Accounting Standards Board. GASB establishes and improves standards for state and local governmental accounting and financial reporting in order to provide useful information to constituencies.

GASB Statement 34

GASB Statement 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.

GASB Statement 35

GASB Statement 35 extends mandates to public colleges and universities. Statement No. 35 covers "Basic Financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities/"

Requirements for GASB Statement 34 & 45

In order to comply with the reporting requirement for capital assets, you will need complete, accurate, and detailed fixed asset records that provides the acquisition date and cost, as well as the 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.

Do these requirements apply to me?

GASB 34 applies to your organization if it is a state or local governmental entity, including:

General purpose governments
Public school districts
Public benefit corporations
Public retirement systems
Public Utilities
Public hospitals and healthcare providers
Public colleges or universities (GASB35)

How do I comply with GASB requirements?

Barcoding's Fixed Assets system allows a company of any size to control the location and maintenance of its fixed assets. The system saves time by replacing manual systems with barcode automation based on handheld computers. Once you finished scanning, the system saves the information in a Microsoft Access database designed specifically for Fixed Assets. Special features of the software allow you to flag items that need maintenance, set pop-up reminders, depreciate capital assets, and instantly generate reports of asset location, condition and status.

Contact Barcoding Inc. for information about fixed assets tracking systems.

For Further Information

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