There are two conditions that must be met in order to use the modified accrual approach for infrastructure:
First: The government must have an asset management system that keeps an up-to-date inventory of infrastructure assets, performs condition assessments on the infrastructure assets at lease every three years, and each year estimates the annual amount it will cost to maintain and perserve the infrastructure assets at a condition level established and disclosed by the government.
Second:The government must document that the infrastructure assets are being maintained at a level at or above the condition level established and disclosed by the ogvernment.
There are two conditions that must be met in order to use the modified accrual approach for infrastructure:
ReplyDeleteFirst: The government must have an asset management system that keeps an up-to-date inventory of infrastructure assets, performs condition assessments on the infrastructure assets at lease every three years, and each year estimates the annual amount it will cost to maintain and perserve the infrastructure assets at a condition level established and disclosed by the government.
Second:The government must document that the infrastructure assets are being maintained at a level at or above the condition level established and disclosed by the ogvernment.