How To Process Assets While Staying GASB34 Compliant

Abstract:

This session is intended for an intermediate-level business analyst implementing Oracle Cloud Fixed Assets for a public sector organization such as state and local governments and public colleges and universities. This session will walk through the step-by-step process of implementing the GASB34 solution to Asset accounting in Oracle Cloud. The presentation will not only provide functional expertise but also inform the audience on why this solution exists. At the end of the session, the audience will have a better understanding of the purpose of the GASB34 asset accounting solution and how to implement and test it.

GASB34:

Prior to 1999, when the GASB 34 Statement was released, state and local governments would report their assets as expenditures for the year included in their yearly budget. They would record an invoice coded to an expense account and record the asset as an expenditure for that fiscal year budget. This did not provide the taxpayers with a clear understanding of the asset acquisition process. With GASB 34, these public entities are now required to provide a lot more transparency around the reporting and documenting of the assets that are acquired. They must also calculate and report the depreciation expense for each applicable capital asset until the full life of the asset has been met or the asset has been disposed of.

Speaker Jason Winter will explain in detail how to combine the reporting of assets prior to GASB 34, which is recording the assets as an expenditure, as well as remaining GASB 34-compliant and recording the applicable life in years and depreciation for each capital asset.

With GASB34, public sector organizations must prepare financial statements using the accrual basis of accounting in addition to providing the modified, accrual-based fund statements that were already required. Jason will walk through both accounting methods to satisfy the GASB34 requirement.

Speaker: Jason Winter

Oracle Product:

This presentation is specific to Oracle Cloud.

Audience level:

This presentation is meant for an Intermediate experience level

Takeaways:  

1. Type of Clients this setup is designed for
2. How to setup GASB34 asset accounting
3. How to test this solution

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