Olde Towne has relatively few records pertaining to the value of its roads, bridges, and other general governmental infrastructure and has elected to use the modified approach for reporting infrastructure. In order to comply with the requirements of the modified approach to reporting infrastructure, Olde Towne must prepare schedules which:
|
a. | Disclose the historical cost of all infrastructure assets, inflated using the historical cost constant dollar index net of associated depreciation. | |
b. | Disclose the government's election, by policy to provide no accounting for infrastructure assets. | |
c. | Describe the assessed condition of the infrastructure (updated once every three years) and the estimated annual amount to maintain and preserve the condition level established and disclosed. | |
d. | Disclose the assumptions made as part of the annual appraisal of infrastructure value and useful life along with the associated allocation of costs to prior periods. |
|
