Government Accounting Standards Board (GASB 34)

GASB34 is a financial reporting standard developed over the past two decades by the Government Accounting Standards Board in the United States. GASB34 was implemented prior to 2005. One of two available options requires governments and their agencies to base their financial reporting for fixed assets on the condition of the asset. Both the carrying value of the assets and related depreciation costs will be based on the assessed condition, which must be supported by data.

TCPS® now has the capability of financial accounting for capital assets. Reporting is supported for all asset sub-ledger capital expenses, carrying costs and depreciation. Integration with financial packages is also supported using industry standard web service interfaces.