Governmental Accounting Standards Board statements 34/35 (GASB 34/35) changed the way all public entities report financial information. This means new and changing implementation of policies and procedures related to GASB34 compliance. This compliance requires each entity to have stated methods of depreciation for capital assets over their useful lives. Furthermore, GASB34 requires entities to have strong methodologies to establish historical cost and their associated acquisition dates.
Examples of capital assets are:
- Office Equipment and Furniture
- Building structures
- Land Improvements and Infrastructure
For over a decade AVS has implemented the essential expertise and knowledge necessary to help organizations to create, update and maintain this critical information. We can help you analyze, generate and develop your GASB 34 information for depreciation schedules on your capital assets. AVS can help you establish your starting point even when you have no records established.
Beginning in 2001 with the first phase of GASB 34 to be implemented nationally, AVS has been at the forefront of assisting our clients to establish their Historical Costs for their owned assets. Our proprietary approach and methodology to this Historical Cost concern has been accepted and approved by auditors nationwide.
We offer additional annual recapitulation services and our own Web Interface Tracking System ( WITS ) service to help your organization's staff process and track your assets for ongoing depreciation schedules online anytime, anywhere you have Internet access.
Click here to see additional information regarding WITS or call us at 888-404-1997 for additional information and a demonstration today!
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