Pioneer Consulting Group, Inc. has completed more than 200 GASB 34 Compliant Fixed Asset Accounting Systems nationwide.
 (508) 360-1378

GASB 34 Fixed Asset Accounting System

The Governmental Accounting Standards Board (GASB) is responsible for establishing and improving accounting and financial standards for state and local government. In June 1999 GASB issued Statement Number 34. Statement 34 requires that state and local governments begin to report on the value of their infrastructure assets. These assets include both capital assets and infrastructure assets.

Capital assets include land, buildings, vehicles, equipment, etc. Infrastructure assets include water and sewer mains, hydrants, valves, roads, sidewalks, dams, drainage, etc.

GASB 34 requires that fixed asset records must be maintained in a complete, accurate and detailed manner and that governments report all capital assets with the consideration of depreciation, including infrastructure assets and "historical treasures."

Pioneer Consulting Group, Inc. provides turn-key GASB 34 compliant Fixed Asset Accounting studies for local government and publicly owned utilities.


Why are we uniquely qualified to assist you with GASB 34?

  1. Our staff comprised of CPAs and accountants have more than 30 years experience in preparing fixed asset accounting systems.
  2. We believe in assisting you with each aspect of GASB 34.
  3. We meet with you to establish minimum values to capitalize; we will assist you to establish guidelines and rules for fixed asset accounting.
  4. We conduct a walk though with your employees to identify fixed assets.
  5. We assist your employees in determining original cost.
  6. We have created an infrastructure cost program to determine original cost for water and sewer systems.
  7. We use a spreadsheet to calculate depreciation tables, you do not need to purchase a specialized program.
  8. Because we are CPA’s and accountants we will work with your auditors to assist in understanding the depreciation schedules and determining journal entries.    
Since 2001, Pioneer Consulting Group, Inc. has completed more than 200 GASB 34 Compliant Fixed Asset Accounting Systems.

Our work-plan for each community was as follows:

  1. Develop Project Administration Program – This step involved establishing a steering committee, establishing policies and developing a timeline to complete the project.
  2. Design a Fixed Asset Coding System – This step involved determining which assets are to be included or excluded, how many classifications will be required and identifying costs and other data.
  3. Develop and Implement Inventory Procedures – This step involved determining all locations to inventory, gaining access to the assets and when to begin the inventory.
  4. Complete the Inventory of Applicable Fixed Assets – This step involved visiting each location, interviewing the department head and or employees and the actual inventory and recording of the fixed assets. 
  5. Design and Implement Valuation Procedures – GAAP requires that the fixed assets be recorded at original cost or estimated original cost. When the original cost is unknown, a replacement cost must be determined and the original cost be calculated using a pricing index. We have developed a replacement cost program that accurately calculates replacement cost and calculates estimated original cost based upon the year the asset was purchased or acquired. 
  6. Input and Calculate Original Cost, Depreciation and Net Book Value – This step involved entering all data into our Excel or Lotus based GASB 34 Fixed Asset Accounting Software. Once the original cost was determined the assets we depreciated based upon their estimated useful life and depreciation and net book value were calculated.
  7. Prepare Reports – We prepared the reports by department and summarized each fixed asset group by land, buildings, easements, vehicles, equipment, infrastructure, etc.
  8. Develop a Work-plan for Maintaining the Fixed Asset Accounting System – GASB 34 requires the fixed asset accounting system be updated for all additions, retirements and transfers during the fiscal year. We assisted the community in establishing accounting procedures to ensure the updates occur.
PO Box 73 Harwich Port, MA  02646 • Tel: 203-360-1378 • E-Mail: