GASB 34 Implementation Handouts

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GASB 34

TO:	County Superintendents County School Business Administrators
FROM:	Katie Attwood, DirectorOffice of Fiscal Policy and Planning
SUBJECT:	GASB 34 Implementation Handouts
Date:	November 14, 2002

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:

Helpful Hints in Preparing for GASB 34 Implementation
Documents and Records to have Ready for Audit
Required Components of a School District’s MD&A

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:

CAFR Outline - Crosswalk from Pre- to Post-GASB 34 Reporting
Sample Capital Assets Summary Schedule
Sample Supporting Worksheets for the District Wide Statements - Exhibits A-1 and A-2
Sample Governmental Funds Statements- Exhibits B-1 and B-2
Sample Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balance of Governmental Funds to the Statement of Activities- Exhibit B-3

Please contact Pat Scott (609-292-8441) or Michael Mindlin (609-341-5296) if you have any questions on this material (email doecafr@doe.state.nj.us). 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.

KA:BB:PS: Y/County cover memo

Attachments

c:	Albert Monillas Richard Rosenberg Michael Rush Judith Weiss Beth Brooks Patricia Scott Michael Mindlin Regional Fiscal Officers Public School Accountants