How does GASB 34 impact an UTSD?
GASB 34 requires infrastructure to be capitalized. The test for who should capitalize highway infrastructure is who maintains the infrastructure. The locality/government that maintains the infrastructure should report the asset on its Government- wide GASB 34 balance sheet. Additional information can be found on the VDOT public website at the following link: http://www.virginiadot.org/business/Gasb34-information.asp. The site includes information on VDOT’s methodology for valuing assets and links to other important information including the Auditor of Public Accounts website.
