GASB34

Azertia FACTS Viewer XF mapping solutions help government institutions to become GASB 34 compliant. FACTS Viewer XF 3.0 has been designed to support collection of and reporting on asset maintenance data necessary to implement a “modified valuation method” accounting approach to asset reporting.

The FACTS Viewer XF mapping products enable users to graphically monitor and manage the condition assessment for water distribution, wastewater collection, storm system and public works (sidewalk, streetlights and signage) assets via an easy-to-use Windows based application. FACTS Viewer provides the ability to maintain asset maintenance and associated costs via a point and click mapping user interface. FACTS Viewer XF is packed with the features and reporting capabilities required to comply with GASB 34 and is affordable for organizations of any size

GASB 34 and additional follow-on rules define comprehensive changes to upgrade the content and format of financial reports and accounting processes for state and local government agencies. Affected governmental public utility agencies will now be required to inventory and report depreciation expense for capital assets (buildings, land, vehicles, and equipment) as well as infrastructure assets (roads, bridges, water, sewer, storm systems, sidewalks, lighting, etc.). These government agencies will be required to better account for expenditures made on assets, monitor asset maintenance, and report the full cost of providing asset related government services to formulate a clearer financial performance with a more commercial-like accountability. All affected agencies must be in compliance with the new reporting structure by 2004.

So don’t delay! Start your program towards compliance via the FACTS Viewer XF road map as outlined below.

GASB 34 – FACTS Viewer XF Road Map

Identify and value all required GASB infrastructure assets. This would include mains, sidewalks, etc.

Using FACTS Viewer XF, create your records for each asset. FACTS enables you to maintain the required data for each asset such as length, width, capacity, date installed, maintenance history, etc.

Develop standards to assess the condition of each asset type. FACTS Viewer XF provides selected condition rating scales for various assets such as pipes, sidewalks, structural BMPs, etc.

Develop and coordinate maintenance program activities. FACTS Viewer XF provides pro-forma maintenance forms for activities such as catch basin cleaning, BMP maintenance, hydrant flushing, etc.

Produce various standard and ad hoc asset inventory and maintenance reports for use in GASB 34 reporting. FACTS Viewer provides for various standard and ad hoc assets reporting to assist with this requirement.