GASB 34 Asset Reporting using Information Technology: A Case Study of Norfolk, VA Utilities Department's Approach

Abstract

The Government Accounting Standards Board (GASB) issued GASB Statement No. 34, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. This paper provides an overview discussion and analysis of the implications of GASB 34 for municipal utilities' water infrastructure asset reporting and the role of information technology in meeting those requirements. Also provided is a case study of Norfolk, Virginia Department of Utilities use of information technology and its approach for meeting GASB 34 requirememnts.