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Valuation of library collection (for GASB 34)


GASB Statement 34, commonly referred to as GASB 34, is a new set of accounting rules published by the Governmental Accounting Standards Board. GASB 34 requires public sector agencies, such as libraries, to use accrual accounting. This method provides a clearer picture of the fiscal health of the agency.

If you get questions about the valuation of your library collection for GASB 34 purposes, the Example of Collection Valuation spreadsheet is a suggested way to calculate the value of your library's collection. The spreadsheet was prepared by the Division for Libraries, Technology, and Community Learning (DLTCL). It is suggested that you have your municipality’s auditors review it before using it to perform your calculations.

Please note the following:

Here is how the spreadsheet works:



For more information about GASB 34, contact Mark Ibach.