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Municipal Technical Advisory Service (MTAS)





Original Author: Darden, Don
Date of Material: 05/07/2004

Subjects(s):
Accounting--Fixed asset
Forms
Records management
Budgets--Municipal

GASB 34 Forms

Reviewed Date: 04/22/2021
Summary:
MTAS was requested to provide assistance to Morrison on the implementation of GASB 34; includes a resolution and forms for keeping records.


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

Equip.
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

Main Document(s):
file Capital Asset Disposal Record.pdf
file Capital Asset Ledger Card.pdf
file Resolution Establishing the Threshold for Capitalization.pdf
Reference Document(s):
file Capital Asset Disposal Record.doc
file Capital Asset Ledger Card.doc
file Resolution Establishing the Threshold for Capitalization.doc