Answering No. 34
Roads & Bridges
March 2002
Lon Hawbaker, P.E.
Government Accounting Standards Board (GASB) Statement No. 34 encourages governmental agencies to promote responsible asset management policies and procedures. It requires a more complete reporting of finances by including capital assets, such as roadways, that have traditionally been omitted from financial statements. The consensus is that GASB 34 will have the greatest impact on transit and toll highway authorities, airport and port authorities, public water and sewer utilities, and local highway departments.