GASB Preliminary View (PV), Infrastructure Assets
The TXCPA PSC supports GASB’s infrastructure asset project but urges clearer guidance, practical transitions, and reduced reporting burdens to help stakeholders understand financial reporting.
The Texas Society of CPAs' Professional Standards Committee (PSC) provided feedback on the GASB Preliminary View (PV) addressing infrastructure asset accounting and financial reporting. The PSC supports the project's objectives, the definition of infrastructure assets, and the recognition and measurement framework, while emphasizing the importance of clarity on certain terms and methodologies. Recommendations include enhanced guidance for the modified approach, periodic review of asset values, and specific note disclosures to aid stakeholders' understanding. The PSC also suggests a prospective transition approach for implementation and expresses concern over the burden of maintaining 10-year maintenance schedules as part of required supplementary information.
Read the full comment letter here. View TXCPA PSC comment letter here.
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