STATEMENT 34 OF GOVERNMENT ACCOUNTING STANDARDS BOARD

In 1999, the Governmental Accounting Standards Board released Statement 34, which radically changes the rules for organizing governmental financial statements. Statement 34, also known as GASB 34, is being implemented by government agencies over a three-year period ending in 2003.

GASB requires that all fixed assets such as roads, bridges, and stormwater systems, built by or transferred to a state or local government in the U.S. since 1984, be financially reported and systematically inventoried within the next 4 years.

Municipal entities must report infrastructure assets on their financial statements. Infrastructure assets can now be reported differently by using the preservation reporting option. Preservation reporting requires preserving the asset's lifetime value.

How Parsons Helps Municipal Clients with GASB 34

• Evaluating asset reporting and devising detailed asset reporting work plans
• Estimating asset costs
• Inventorying infrastructure assets, including database setup and management
• Sorting infrastructure assets into practical, usable classification
• Providing workable field procedures to ensure consistent classification of assets
• Developing long-term management programs for cost-effective asset maintenance

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