The Benefits of Asset Management and GASB 34

Abstract

Adding infrastructure asset data to the Missouri Department of Transportation’s financial reports has benefited the department’s managers as well as its employees. Use of the financial statements mandated by the Governmental Accounting Standards Board’s Statement 34 is a straightforward way to show the impact of operations on the value of Missouri’s transportation system. Use of the statements is also expected to increase understanding among the legislature and the public of the issues involved in managing governmental assets.