GASB 34 IMPLEMENTATION
DOCUMENTS AND RECORDS TO HAVE READY FOR AUDIT
Capital asset schedules, including the following
detail:
Date placed in service
Cost/basis
Beginning of the year
balance - accumulated depreciation
Current year depreciation
Ending balance - accumulated
depreciation
Classification of the
asset (e.g., land, building, equipment)
Method of depreciation
(e.g., straight line)
Useful life of each
asset used in computing the depreciation.
Identification by program
If the asset is specifically identifiable to a program
(see the lines used in the Statement of activities), then that program
should be noted and depreciation charged to that program. If not, there
should be an indication that it is not specifically identifiable. The
assets should be in one of two categories based on how the each asset
is used - 1) governmental fund or 2) business like activity (enterprise
fund).
Schedule of long-term liabilities including the following
for each category of debt (bonds, capital leases, compensated absences,
other –specify):
Beginning of year balance
Additions
Reductions
End of year balance
Amount due within one
year
The liabilities should be grouped by those related
to the activity of 1) a governmental fund or 2) a business like activity.
Schedule identifying the beginning of the fiscal
year debt balances (e.g., bonds, capital leases) related to capital
assets in order to support the calculation of net assets invested
in capital assets, net of related debt. This schedule should indicate
the amount of unspent proceeds.
Schedule of accrued interest on long-term debt (bond
documents to support the calculation of interest accrued to June 30).
Trust documents (trust instrument or letter specifying
restrictions) which support classification as either a permanent trust
or private purpose trusts (e.g., scholarships).
