Knowledgebase-GASB 34 Forms

Information Product

Title:GASB 34 Forms
Summary:MTAS was requested to provide assistance to Morrison on the implementation of GASB 34; includes a resolution and forms for keeping records.
Original Author:Darden, Don
Product Create Date:05/07/2004
Last Reviewed on::12/05/2016
Subject:Accounting--Fixed asset; Forms; Records management; Budgets--Municipal
Original Document: Capital Asset Disposal Record.pdfCapital Asset Ledger Card.pdfResolution Establishing the Threshold for Capitalization.pdf

Reference Documents: Capital Asset Disposal Record.docCapital Asset Ledger Card.docResolution Establishing the Threshold for Capitalization.doc

Text of Document: These are the records you need. First pass the resolution. Second, identify your capital assets, Third. Record capital assets. Fourth include expense for deprectiation in the general fund budget. Example:

Land $100,000 (dep. over 40 years)= $2,500
Computer $10,000 (dep. over 3 yrs)= $3,333.33
Patrol Car $20,000 (dep. over 5 yrs)= $4,000

Depreciation Expense is $9,833.33