This page provides a summary of the basic requirements for capital (fixed) asset management accounting for Washington State local governments along with samples of capital asset policies.
The State Auditor's Office has specific requirements for local governments that follow GAAP (Generally Accepted Accounting Principles) in Section 3.3 of the BARS Manual. In addition, that section of the BARS Manual points out that there are federal requirements for all governments that receive federal assistance. In addition, due to RCW 36.32.210, counties must conduct an inventory of all capitalized assets by the first Monday in March each year.
Financial reporting requirements for capital assets under cash basis accounting are limited. However, the government is still responsible for stewardship of public resources. Entities must have policies and procedures in place to track, demonstrate accountability, and ensure security of their assets. See Section 3.3 of the Cash Basis BARS Manual