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Can fixed asset management software help me meet my GASB 34 requirements?

April 26, 2017asset management fixed GASB help meet requirements Software

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Can fixed asset management software help me meet my GASB 34 requirements?

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In order to comply with the reporting requirement for capital assets, you will need complete fixed asset records that include the acquisition date and cost, asset lives and depreciation method for all capital asset classifications. You’ll also need to depreciate capital assets and produce detailed fixed asset reports that help you complete the Statement of Activities required by GASB Statement 34/35. A variety of fixed asset accounting software packages exist today that can help you calculate depreciation on your capital assets. For information on FAS® fixed asset management solutions from Sage Software (formerly Best Software) and IMS, please visit our Fixed Assets Software section to learn more about FASgov Suite, the FAS® solution for your GASB 34/35 compliance needs. Note: this Question and Answer sheet is not meant to be an authoritative guide.