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Complying with GASB Statement 34 is not a “one time affair.” Because counties are  continuously acquiring and disposing of assets, a county must keep capital asset  records updated after the initial capitalization of all county assets and  infrastructure. It is highly recommended that a capital asset manager position be  created for tracking assets for the county. In a mid-to-large size county, this position  would be a full-time job. In smaller counties, this task could be accomplished on a  part-time basis. While the assistance of all county officials and department heads is  necessary to ensure that county assets are inventoried and tracked, numerous  Tennessee counties have arrived at the conclusion that the best way to ensure that a  county’s GASB 34 compliance (in relation to capital asset management) is  maintained is to have one individual who is responsible for maintaining the capital  asset database and ensuring that the asset management system is complying with  the county’s adopted polices.   

Regardless of how this procedure is addressed, counties should have a system in  place to: (1) identify and capitalize all new assets over the threshold limits, (2)  identify and remove from capital asset records all assets declared surplus, destroyed,  stolen, and missing,  (3) record any gain or loss on the disposal of individual assets,  (4) perform a county-wide inventory of capitalized assets at least once a year, and (5)  have all capital asset reports that are required by the county’s auditors prepared  and available on a timely basis. Sample job description for a capital asset manager.