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Massachusetts Office: 508-360-1378
North Carolina Office: 910-478-6750

GASB 34 Fixed Asset Accounting System

Pioneer Consulting Group provides turn-key GASB 34-compliant fixed asset accounting studies for local government and publicly owned utilities.

The Governmental Accounting Standards Board (GASB) is responsible for establishing and improving accounting and financial standards for state and local governments. In June 1999, GASB issued Statement Number 34. This mandates that state and local governments file a 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 stipulates that fixed asset records must be maintained in a complete, accurate, and detailed manner. Governments are required to report all capital assets with the consideration of depreciation, including infrastructure assets and "historical treasures."

Pioneer and GASB 34

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

  1. Our staff of CPAs and accountants have more than 30 years of 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-through 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, so you do not need to purchase a specialized program
  8. Because we are CPAs and accountants, we will work with your auditors to assist in understanding the depreciation schedules and determining journal entries

Our work plan for each community involves:

  1. Developing a Project Administration Program – This step involves establishing a steering committee, drafting policies, and developing a timeline to complete the project
  2. Designing a Fixed Asset Coding System – We determine which assets are to be included or excluded, how many classifications are required, and then identify costs and provide other data
  3. Developing and Implementing Inventory Procedures – All locations to inventory are identified to enable easy access to the assets as inventory schedules are also set
  4. Completing the Inventory of Applicable Fixed Assets – We visit each location, interview department heads and/or employees, and conduct the actual inventory and recording of the fixed assets 
  5. Designing and Implementing 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 must be calculated using a pricing index. We have developed a replacement cost program that accurately calculates replacement cost and quantifies estimated original cost based upon the year the asset was purchased or acquired
  6. Input and Calculation of Original Cost, Depreciation, and Net Book Value – All data is entered into our Excel or Lotus-based GASB 34 Fixed Asset Accounting software. Once the original cost is known, the assets we depreciated based upon their estimated useful life and depreciation and net book value are then calculated
  7. Preparation of Reports – We prepare the reports by department and summarize each fixed asset group by land, buildings, easements, vehicles, equipment, infrastructure, etc.
  8. Development of 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 assist the community in establishing accounting procedures to ensure that updates occur


Massachusetts Office:
P.O. Box 73, Harwich Port, MA 02646
Tel: 508-360-1378

North Carolina Office:
P.O. Box 998, Jacksonville, NC 28540
Tel: 910-478-6750