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Business Procedures Manual

Section 7 Introduction

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The state of Georgia is required to comply with Governmental Accounting Standards Board (GASB) Statements No. 34 and No. 35, Basic Financial Statements and Management’s Discussion and Analysis for State and Local Governments and Public Colleges and Universities.

This section will help you implement the reporting requirements under GASB Statements No. 34 and No. 35. Included are asset category definitions, capitalization thresholds, depreciation methodologies, and examples of expenditures for each class of assets. Additionally, guidelines for leasehold improvements and construction in progress are included.