Fixed Assets and GASB #34

What is GASB #34?

What is a Fixed Asset?

We have three categories:

1. An item costing more than $1,000 that is expected to last more than one year.
2. All technology equipment with a life greater than one year, regardless of the cost. Examples include computer workstations, digital cameras and servers.
3. Food service equipment costing more than $300 that is expected to last more than one year.

What does this mean for my department and me?

1. All departments/schools will track the acquisition and be responsible for the custody of any items meeting the criteria of a fixed asset as defined above.
2. All departments/schools will be required to assist in an annual physical inventory count coordinated by the Department of Financial Services.

Records will be maintained that include the description, cost or value, useful life, accumulated depreciation and the un-depreciated value of each asset. This information, reconciled with the physical inventory count, shall be incorporated in the annual audit that is distributed to the Board, superintendent and Kentucky Department of Education.

The policies and procedures manual regarding fixed assets is enclosed below.

Procedures and Forms

Fixed Asset Procedures
Fixed Asset Donation Form
Fixed Asset Return/Repair Authorization Form
Fixed Asset Transfer/Disposal Form

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Last update: 9/26/2007 7:18:25 AM     Printer friendly view