GASB proposes guidance on infrastructure assets

A new GASB exposure draft, Infrastructure Assets, aims to improve the financial reporting requirements for infrastructure assets, enhancing the consistency in their application and better meeting the information needs of financial statement users.

GASB, based on feedback from stakeholders, is proposing the guidance related to the definition, recognition and measurement of infrastructure assets, according to a news release, as well as associated note disclosures and required supplementary information schedules.

The proposed guidance also emphasizes the requirement for governments to perform a periodic review of the estimated useful lives and salvage values used in the calculation of depreciation expense for the infrastructure assets. The comment deadline is Friday, June 26. Learn more.