Get the free GASB Statement No. 34 Paragraphs Related to Capital Assets - osc nc

State of North Carolina Office of the State Controller James B. Hunt, Jr., Governor Edward Renfrew, State Controller Gwen Canada, Chief Deputy November 1, 1999, MEMORANDUM SAD 0041 To: Chief Fiscal

How to fill out gasb statement no 34

How to fill out GASB Statement No. 34:

1. Familiarize yourself with the requirements of GASB Statement No. 34. This statement provides guidance on financial reporting for state and local governments, specifically addressing the reporting of infrastructure assets.
2. Gather all relevant financial information related to infrastructure assets. This may include data on acquisition costs, historical costs, depreciation, additions, disposals, and any other pertinent details.
3. Organize the financial information in accordance with the requirements outlined in GASB Statement No. 34. This may involve categorizing assets by type, such as roads, bridges, buildings, etc.
4. Calculate the useful life and remaining useful life of each infrastructure asset based on the guidelines provided by GASB Statement No. 34.
5. Determine the appropriate depreciation method to be used for each asset. GASB Statement No. 34 introduces the concept of "modified approach" for depreciating infrastructure assets, which allows governments to use their own depreciation method if certain criteria are met.
6. Prepare the required financial statements and disclosures as specified by GASB Statement No. 34. These statements may include the Statement of Net Position, Statement of Activities, and the Notes to the Financial Statements.
7. Review the completed GASB Statement No. 34 report for accuracy and compliance with the guidelines. Ensure that all necessary disclosures are included and that the information provided is consistent and reliable.

Who needs GASB Statement No. 34:

1. State and local government entities: GASB Statement No. 34 is primarily intended for state and local government entities, including cities, counties, school districts, and other governmental organizations. These entities are required to follow the reporting guidelines provided by GASB in order to maintain transparency in financial reporting.
2. Auditors and financial analysts: Professionals responsible for auditing or analyzing the financial statements of state and local government entities need to understand GASB Statement No. 34. This enables them to assess compliance and evaluate the reliability of the reported financial information.
3. Taxpayers and citizens: GASB Statement No. 34 helps taxpayers and citizens gain a better understanding of the financial health and infrastructure assets of state and local government entities. It allows them to make informed decisions regarding their support for public services and investment in infrastructure projects.

For pdfFiller’s FAQs

What is gasb statement no 34?

Gasb statement no 34 is a Financial Reporting Model Improvements Statement issued by the Governmental Accounting Standards Board.

Who is required to file gasb statement no 34?

Governmental entities are required to file Gasb statement no 34.

How to fill out gasb statement no 34?

Gasb statement no 34 should be filled out following the guidelines provided by the Governmental Accounting Standards Board.

What is the purpose of gasb statement no 34?

The purpose of gasb statement no 34 is to improve financial reporting for governmental entities.

What information must be reported on gasb statement no 34?

Information such as financial position, results of operations, and cash flows must be reported on gasb statement no 34.

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