We have prepared the attached packet of information on GASB 34 Implementation for your discussion and distribution to the district business administrators in your county. Based on experience and feedback from Phase I districts that implemented GASB 34 in FY 2002, this information includes the following three new handouts to augment our previous guidance letters and the more detailed technical information posted on the NJDOE website:
As the Helpful Hints highlight, most districts found that the information required for capital asset reporting under GASB 34 to take the most lead time. Capital asset reporting under GASB 34 requires districts to determine useful lives of assets and identify assets (where possible) by program or function. As such, many districts will need to engage the services of an appraisal firm if the required information has not been maintained. Those districts implementing GASB 34 in FY 2003 should plan now to have the capital asset schedules ready with July 1, 2002 balances prior to year end.
Also attached is an index to the NJDOE Website on GASB 34 Implementation and the following key documents and sample statements/worksheets from the website that should be highlighted in your discussions:
Please contact Pat Scott (609-292-8441) or Michael Mindlin (609-341-5296) if you have any questions on this material (email firstname.lastname@example.org). Both Pat and Michael will also be available to attend county business administrator meetings to assist you and participate in question and answer sessions. You may contact them directly to arrange their attendance. I hope you find this information useful.
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