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.

Why Use Asset Tags? Top 10 Reasons for Bar Code Tags

Corporations, government agencies, utilities and universities require fixed asset tracking of property for many reasons which can't justify RFID:

1. Identify owned assets quickly and easily
2. Track serial or model numbers efficiently
3. Simplify inventory with property ID tags
4. Track high value equipment such as laptops & PDA's
5. Increase security with regular monitoring
6. Reduction of theft with visual identification of assets
7. Monitor asset movement between locations
8. Compliance with insurance or government regulations
9. Track useful life of assets and depreciation schedules
10. Schedule maintenance and replacement of owned assets

3 mil Metalphoto® foil is the most durable and broadly used asset label material. Asset tags graphics and bar codes are photographically imaged below the surface, creating an impenetrable barrier to chemicals, solvents, and salts, and these asset labels can survive in temperatures up to 650° F.

The highly visible silver-colored face stock makes graphics easy to read. Foil also fractures if removed from its mating surface, which provides tamper-evident features in a long lasting durable finish. Foil asset tags work well in indoor or outdoor applications, including industrial uses. Foil property ID tags have excellent resistance to scuffing, cleaning solvents, most chemicals, and heat. Service range is -40°F to +400°F. Outdoor exposure is up to 20 years.