Office of General Services

Statewide Capital Asset Accounting System

Because of recent changes in financial reporting standards issued by the Government Accounting Standards Board, governments must now report considerably more information about the value and condition of their capital assets (land, building and equipment). New York State’s capital assets are to be accounted for by the Office of General Services (OGS). In the audit of the State’s comprehensive financial statements for the year ended March 31, 2004, the external auditor found that improvements were needed in the completeness and accuracy of the capital asset information maintained by OGS. We examined the actions taken by OGS in making these improvements and found that significant improvements had been made in relation to the capital asset information for land and buildings, which constitute about 98 percent of the State’s reportable capital assets. However, improvements were still needed in the capital asset information for equipment.

For a complete copy of Report 2004-S-74 click here.
For a copy of the 90-day response click here.