GASB Government Solutions

Who is GASB?

• 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 the users of those financial reports.

What is 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.

Does GASB 34 apply to me?

• GASB 34 applies to your organization if it is a state or local government 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 (see GASB 35 below)

What is GASB Statement 35?

• Application of the Statement 34 provisions to public colleges and universities was achieved through the issuance of Statement Number 35, Basic Financial Statements – and Management’s Discussion and Analysis – for Public Colleges and Universities. 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.
  

When does your Organization have to comply with GASB 34/35?

• Review the GASB Statement 34/35 Compliance Schedule

What are the fixed asset requirements of GASB 34/35?

• Requirements are 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”.
  

Want to find out:

• How FAS GOV Suite^® meets GASB 34/35 Requirements? Click Here!
• More about FAS Gov Accounting^® and Inventory^® Solutions?

More Information on GASB 34/35:

www.GASB.org
coborgs.isu.edu/aaagnp
www.agacgfm.org
www.asbointl.org