Prior to the issuance of GASB Statement No. 34, state and local governments provided virtually no information as to most of their infrastructure.

Question

Quizplus · Accepted Answer

Before GASB Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, was issued in June 1999, most state and local governments did not report much information about their infrastructure assets (such as roads, bridges, water and sewer systems) in their financial statements. GASB 34 required that these assets be included in the government's financial reports, significantly changing the reporting requirements and increasing the transparency of government infrastructure assets.

Prior to the Issuance of GASB Statement No