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Governmental Accounting Standards Board (GASB) 34, 35 Compliance

Durable Asset Tags for compliance in Governmental Accounting Standards Board (GASB) Statement 34, 35 “Life of Asset” Public Infrastructure Reporting

Recent changes in guidance published by the Governmental Accounting Standards Board (GASB Statement 34 & 35) now require, in “Statement of Net Assets” the reporting of infrastructure assets for some government entities as early as 2005 (previously optional). Metalphoto bar code asset tags used in fixed asset tracking applications allow life-cycle management, meeting GASB standards in compliance with public property management accounting standards, including tracking acquisition, sale and disposal of fixed assets.

Asset tags or barcode labels are used by public agencies for property identification and to help track the useful life of owned assets. Durable Metalphoto barcode asset tags last the life of the fixed assets and ease reporting of new capital asset acquisition, useful life depreciation and disposal.

GASB standards embodied within “Statement 34”, require public infrastructure assets such as roads, bridges, tunnels, water and sewer systems and dams, be reported together with related depreciation or preservation costs. “Statement 35” applies GASB 34 in the comprehensive financial statements of public colleges and universities.

Metalphoto bar code asset tags, when incorporated into a fixed asset tracing program, can help government agencies:

  • Identify owned assets quickly and easily
  • Comply with government regulations
  • Track useful life of assets and depreciation schedules
  • Schedule maintenance and replacement of owned assets

Camcode has sold millions of asset tags and barcode security labels since 1995, serving the following clients at public and state universities and state & local government institutions with Metalphoto asset tags, and property ID tags.

Social Security Administration, Miami Children’s Hospital, University of Texas, John C. Lincoln Hospital, Charter Township Of West Bloomfield, Brandeis University, Township of Monroe, Town of Longboat Key, San Joaquin Valley College, Dept. of Navy CNAT, State University of New York, The Toledo Hospital, South Florida Regional Planning Council, Baylor Health Care System, St. Joseph’s Mercy Hospital, University of Nebraska, and many more.

About the Governmental Accounting Standards Board (GASB):

The GASB is an independent, not-for-profit organization formed in 1984 to establish and improve financial accounting and reporting standards for state and local governments. Seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. Information about GASB can be found at http://www.gasb.org

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