The State developed a comprehensive Capital Assets reporting system in compliance with Chapter 405, Laws of 1981 that monitors and reports upon the State’s capital assets. The Statewide Capital Asset Accounting System (the system), maintained by the Office of General Services (OGS), was significantly improved and updated in 1998. In October 2015, the balances in the system were converted to the new Statewide Financial System (SFS) Asset Management (AM) Module (SFS AM), and the system was retired. The SFS AM continues to be maintained by OGS. This section describes policies that are applied to the extent practical in our ACFR presentation for the recording of capital assets.
The implementation of GASB 34 necessitated significant changes to the area of capital asset reporting including: the presentation of all capital assets on the face of the State’s government-wide financial statements; the inclusion of depreciation expense and accumulated depreciation or the use of the alternative modified approach; and the inclusion of all infrastructure assets (roads, bridges, sewer systems, water systems, etc.) These additional reporting elements and new requirements are described in detail in the following sections.
Guide to Financial Operations