GASB Statement No.34 requires the reporting for infrastructure assets.Special provisions for reporting include
A)mandatory straight line depreciation on all infrastructure assets
B)depreciation should not be recorded on any infrastructure assets
C)small government units do not have to report on infrastructure assets now or in the future
D)allowing various approaches to estimating infrastructure costs

Question

GASB Statement No.34 requires the reporting for infrastructure assets.Special provisions for reporting include
A)mandatory straight line depreciation on all infrastructure assets
B)​depreciation should not be recorded on any infrastructure assets
C)​small government units do not have to report on infrastructure assets now or in the future
D)​allowing various approaches to estimating infrastructure costs

Quizplus · Accepted Answer

GASB Statement No.34 allows various approaches to estimating infrastructure costs, but does not mandate any specific method. Depreciation is required to be recorded on infrastructure assets, however, it does not have to be recorded using the straight line method. Small government units are not exempt from reporting infrastructure assets.