What You Need to Know About Being GASB 34/35 Compliant

July 14, 2021


Audits can be overwhelming, stressful, and expensive. We make it easier by ensuring you have GASB 34/35-compliant, accurate asset data. 

What is GASB 34/35

The General Accounting Standards Board (GASB) Statement 34 provides the framework for State and Local government capital asset accounting. According to GASB, “The basic capital asset standards reside in Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, paragraphs 18–29, as amended.”  

It establishes requirements for state and local governments financial reporting and assists users in the following ways: 

Why compliance matters

Non-compliance can result in qualified opinion and/or audit findings that will consume significant organizational resources. Take the guesswork out by working with a trained staff that understands how to keep you GASB-compliant. 

You can trust us to physically verify and collect the pertinent data points of all qualifying assets.

Benefits of being GASB 34/35-compliant include: 

We’ve completed inventory and valuation engagements for numerous public entities, resulting in clean, unmodified audit results. We’d love to do the same for you. Let’s talk today.