GASB 34

Governmental Accounting Standards Board

Government Accounting Standards Board Statement 34 was issued June 1999. It requires government agencies to value infrastructure assets on their financial statements. Required implementation dates vary depending on the size of the agency. In ODOT’s case, full retroactive reporting compliance is required by June 30, 2006. ODOT will be in full compliance as of June 30, 2001.

ODOT has adopted the modified reporting approach. Impact of the modified approach is described more fully in our capitalization policy document.

If you have comments or suggestions please contact Sara Mayberry at (614) 466-5804.