GASB 34
Encyclopedia
GASB stands for Governmental Accounting Standards Board
.
In June 1999, GASB Statement 34 (or GASB 34) was published. GASB 34 requires state and local governments to begin reporting all financial transactions, including the value of their infrastructure assets, roads, bridge
s, water
and sewer facilities
, and dams
, in their annual financial reports on an accrual accounting basis.
Governmental Accounting Standards Board
The Governmental Accounting Standards Board is currently the source of generally accepted accounting principles used by State and Local governments in the United States of America...
.
In June 1999, GASB Statement 34 (or GASB 34) was published. GASB 34 requires state and local governments to begin reporting all financial transactions, including the value of their infrastructure assets, roads, bridge
Bridge
A bridge is a structure built to span physical obstacles such as a body of water, valley, or road, for the purpose of providing passage over the obstacle...
s, water
Water
Water is a chemical substance with the chemical formula H2O. A water molecule contains one oxygen and two hydrogen atoms connected by covalent bonds. Water is a liquid at ambient conditions, but it often co-exists on Earth with its solid state, ice, and gaseous state . Water also exists in a...
and sewer facilities
Sanitary sewer
A sanitary sewer is a separate underground carriage system specifically for transporting sewage from houses and commercial buildings to treatment or disposal. Sanitary sewers serving industrial areas also carry industrial wastewater...
, and dams
DAMS
Driot-Arnoux Motorsport is a racing team from France, involved in many areas of motorsports. DAMS was founded in 1988 by Jean-Paul Driot and former Formula One driver René Arnoux. It is headquartered near Le Mans, only 2 km from the Bugatti Circuit.- History :The year after its foundation,...
, in their annual financial reports on an accrual accounting basis.