2001 S Finance - Cherry Bekaert & Holland Governmental Accounting Standards Board Statement 34 Implementation

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Analysis of all revenues We will assist the County in completing the GASB 34 Analysis of Revenues template that was developed during our GASB 34 status assessment. The deliverable for this project will be the completed template breaking out all revenues between general and program. Consolidation of individual department spreadsheets During our initial GASG 34 assessment our review indicated that the County did not have capital assets accumulated into one document. Our review indicated that capital assets were being maintained on excel spreadsheets by individual departments. The deliverable for this project will be the consolidation of all departmental capital assets spreadsheets into one document plus the addition of the land and building detail. Development of land detail and establishment of purchase date Our review of capital assets indicated that land that is currently owned by the County is not recorded in the capital asset records. The County has provided us with a detail of all land that is owned by the County as of June 30, 2001. The deliverable for this project will be to go through the records provided by the County and incorporate all of the land owned by the County into the capital assets records.Based upon our review of the deed of trusts we will also establish original cost values and the date land was placed in service. Allocation of building cost and establishment of purchase date Our review of the capital asset records indicated that the County did not have a detail listing of buildings owned.The existing records had a lump sum balance for all buildings that have been purchased over the years. The County has provided us with a detail of all buildings owned by the County as of June 30,2001. The deliverable for this project will be to go through the records provided by the County and allocate the existing cost recorded in the capital asset records between all of the buildings. We will also review the deed of trusts and will establish the date each building was placed in service. Reconstruction of missing capital asset records Our review of capital asset records indicated that the County had lump sum balances for capital assets acquired prior` to a specific date. Our deliverable will be to go through the capital asset records and allocate these lump sum balances between existing assets. Establishment of estimated useful lives Once all of the capital assets records have been established, we will assist the County in establishing the estimated useful lives for each category of asset. Once a policy has been established,we will incorporate this data into the capital assets subsidiary ledger. Computation of beginning of the year accumulated depreciation Once we have accumulated all of the data required for the capital asset subsidiary ledger,we will calculate and record beginning of the year accumulated depreciation balances.