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GASB 34

GASB 34 IMPLEMENTATION
DOCUMENTS AND RECORDS TO HAVE READY FOR AUDIT

  1. 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).

  1. 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.

  1. 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.

  2. Schedule of accrued interest on long-term debt (bond documents to support the calculation of interest accrued to June 30).

  3. Trust documents (trust instrument or letter specifying restrictions) which support classification as either a permanent trust or private purpose trusts (e.g., scholarships).

  4. Worksheet calculation for converting from governmental fund balances to net assets (see the NJDOE web site worksheets)