GASB Statement 34 allows the government to avoid charging depreciation on infrastructure assets if:

Question

Quizplus · Accepted Answer

GASB Statement 34 allows the government to avoid charging depreciation on infrastructure assets if the governmental unit can demonstrate they have incurred costs to preserve the assets at or above a conditional level. This is known as the modified approach and allows for reporting on the condition of the assets rather than their historical cost.

GASB Statement 34 Allows the Government to Avoid Charging Depreciation