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Government & Non Profit

GASB 34 Compliant

With the implementation of GASB 34, state and local governments throughout the United States are required to meet new financial reporting requirements. The Bassets Fixed Asset System can help by:

  • Interfacing with existing data
  • Tracking fixed assets
  • Calculating depreciation expense
  • Producing reports

See for yourself by downloading a free evaluation copy of Bassets and let one of our customer support personnel answer all of your questions. In just 40 minutes, you can see if Bassets is the right fit for your financial reporting needs.

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For more information:
GASB Statement 34 And Capital Asset Reporting

The Governmental Accounting Standards Board (GASB) issued Statement 34,
Basis Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments” in June 1999. The GASB Statement 34 establishes new financial reporting requirements for state and local governments throughout the United States. The major accounting changes related to capital assets are infrastructure reporting and depreciation accounting.

For the first time, the annual report will include new financial statements that are prepared using accrual accounting. The GASB Statement 34 applies to the following:

  • State and local governments
  • General purpose governments
  • Public school districts
  • Public benefit corporations
  • Public utilities
  • Public hospitals and healthcare providers
  • Public colleges and universities (GASB Statement 35)

Governments should report all capital assets, including infrastructure assets, in the government-wide statement of net assets and generally should report depreciation expense in the statement of activities. Capital assets should be reported at historical cost. The term “Capital Asset” includes land, improvements to land, buildings, building improvements, vehicles, machinery, equipment, works of art and historical treasures, and all other tangible or intangible assets that have initial useful lives extending beyond a single reporting period.

Infrastructure assets include roads, bridges, tunnels, drainage systems, water and sewer systems. 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 approximately at (or above) a condition level established and disclosed by the government.

Questions on Depreciation?
click here for answers to frequently asked depreciation questions or help yourself to our free downloads and white papers.
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