Asset Tags in GASB 34, 35 Accounting Compliance

Asset tags are used extensively by public agencies for property identification and labeling with bar code tags to measure the useful life of owned assets. Fixed assets are routinely marked with durable MetalPhoto® barcode asset tags, which last the life of the property and ease reporting of new property acquisition, useful life depreciation and disposal.

The Governmental Accounting Standards Board, is a standards-setting authority of generally accepted accounting principles (GAAP) for state and local governments, including public school districts and state universities and colleges. GASB was organized to establish and improve standards of governmental accounting in financial reporting.

GASB standards embodied within "Statement 34", require public infrastructure assets such as road signs, roads, bridges, tunnels, water and sewer systems, dams and lighting systems be reported together with related depreciation or preservation costs. "Statement 35" applies the requirement to Statement 34 in the comprehensive financial statements of public colleges and universities.

Property ID labels in the form of barcode assset tags are the standard in the marking and tracking of fixed assets, also known as infrastructure assets.