The Governmental Accounting Standards Board (GASB) institutes and monitors standards to improve governmental accounting and financial reporting within state and local entities (school districts included), resulting in more useful data to better guide public issuers, auditors and users of financial reports.
GASB 34 requires that fixed asset records be maintained by school districts in a complete, accurate and detailed manner and that districts report on all capital assets and depreciation (including infrastructure assets) and any items categorized as “historical treasures.”
Fixed asset accounting software can assist school districts in complying with all fixed asset-related GASB 34 requirements. Real Asset Management’s asset accounting software records vital data such as acquisition dates and costs, asset lives and depreciation policies for all capital asset classifications. It then calculates depreciation and produces detailed fixed asset reports needed to complete Statement of Activities required by GASB. If your school district doesn’t currently have fixed asset accounting software, you may be rolling the dice with GASB compliance.