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Governmental Accounting Standards Board
Statement No. 34
Requires: Full accrual accounting for all government activities
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- Whether current year citizens paid for the services they received in the current year or the costs of services were shifted to future-year residents.
- Whether a government's financial position has improved or deteriorated as a result of the year's operations.
- Whether adequate resources are being established for ongoing maintenance and replacement of capital assets including infrastructure.
- Expenses of individual functions must be compared to the revenues generated directly by the functions (for instance user charges, dedicated tax revenues or intergovernmental grants).
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SPP's role in GASB 34 implementation
The directives of GASB statement 34 present local governments with an unprecedented challenge to report the value and costs associated with their infrastrusture assets in an accurate and consistent manner. Local governments must develop accurate valuations of their infrastructure assets, determine the cost associated with maintenance and replacement of those assets and develop policies to meet the financial responsibility that complies with GASB 34 exposes. The preparation and documentation required to implement GASB 34 will likely strain the current resources of local governments and require help to complete the initial phases of the project.
Strategic Public Policy can provide the assistance your government needs to implement GASB 34. We assist local governments by researching current asset records, valuing the assets, assessing their condition, and determining maintenance and replacement schedules. In addition, we provide policy and capital planning alternatives for funding future infrastructure needs.
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