What is GASB?

Government organizations are fundamentally different from commercial enterprises in many ways. Financially, organizations in the public sector (cities, counties and government departments for example) are not held to the same standards and reporting structure as business enterprises. Often times, public sector organizations must report on standards and provide information that will assess government accountability.

GASB 34 requires state and local governments to report the value of their infrastructure assets, (roads, bridges, water and sewer facilities, etc.) in their annual financial reports on an accrual accounting basis.

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