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A Review of DOT Compliance with GASB 34 Requirements (2004) / Chapter Skim
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Pages 16-20

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From page 16...
... An early start was generally deemed to be critical to success, with 18 months prior to the close of FY02 the typical beginning date. • Determination of condition targets -- for modified approach states, the calculation of meaningful condition targets was a key step in the process, and various methods were employed.
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From page 17...
... Accordingly, this discrepancy is less significant for depreciation approach states because those states capitalize both categories, but it is important for modified approach states where preservation costs are supposed to be expensed. Some DOTs have questioned the degree to which the difference between the structures is material in the overall financial statements.
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From page 18...
... • SCDOT acknowledged that the depreciation approach provides less meaningful information because it is inconsistent with the Department's preservation program and the nature of infrastructure assets. However, it sees a danger in modified approach data being used to make inappropriate comparisons with other DOTs or budgets.
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From page 19...
... From 1994 to the present, the project cost system includes detailed object codes that simplify the conversion to asset classes. • Additions to and retirements of infrastructure assets by asset class represented new information that had to be developed by the preparation of forms for each project.
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From page 20...
... Cost data were accumulated from different accounting and asset management data sources and required ad hoc reporting. • Before GASB 34 there was no need to link asset management data with financial statements.
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Key Terms

  • condition level
  • modified approach
  • project cost
  • infrastructure assets
  • asset classes

  • asset management
  • asset team
  • nchrp web
  • nor funct
  • web document

  • capital asset
  • approach states
  • replacement costs
  • hoc reporting
  • condition targets

  • implementation process
  • depreciation approach
  • cost data
  • preservation program
  • financial reporting

  • secondary roads
  • fixed asset
  • replacement value
  • financial statements
  • validated data

  • tial effect
  • asset guide
  • functional approach
  • construction costs
  • dot definitions


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