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GASB-34 And How It Helps Local Governments

In June 1999 the Governmental Accounting Standards Board (GASB) approved one of the most significant financial reporting requirements in its history. For the first time, governments will show all available resources and costs associated with those resources to provide for public services. More than 84,000 local jurisdictions, including state and local governments, will be affected. Statement Number 34 requires that state and local governments begin reporting on the value of their infrastructure assets and depreciate them over their useful life.

CitiTech Systems, Inc. has develped a publication entitled "Guide to GASB-34"** to help departments of government understand and comply with those requirements.

** Disclaimer: This publication, produced by CitiTech Systems, Inc., March 2001, is a summary of the Governmental Accounting Standards Board reporting requirements for governments published June 1999. This GASB-34 guide is not inclusive and was written to help departments of government understand and comply with those requirements. For more information, call CitiTech Systems, Inc., at (800)738-9892.