The Governmental Accounting Standards Board (GASB) in the US has released an exposure draft titled Infrastructure Assets and invited comments from stakeholders.
The draft aims to revise financial reporting requirements for infrastructure assets, with the intention of promoting more uniform practices and providing clearer information to users of financial statements.
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The GASB’s proposals draw on feedback from financial statement users gathered during project research and on responses to a Preliminary Views document issued in 2024.
The exposure draft sets out suggested requirements covering the definition, recognition and measurement of infrastructure assets. It also addresses related note disclosures and required supplementary information schedules.
For infrastructure reported at historical cost net of accumulated depreciation, the draft includes guidance on identifying and accounting for significant components including distinct recognition and depreciation of those parts.
The document also highlights an obligation for governments to periodically reassess the estimated useful lives and salvage values used in calculating depreciation of infrastructure assets.
Under the transition provisions, this reassessment would apply to infrastructure held at the start of the first reporting period in which the new rules are applied.
Any resulting adjustments would be reported retrospectively by restating beginning net position or fund net position, as applicable, for any cumulative effects on earlier periods.
The draft further proposes that governments break down information on infrastructure assets in the notes by network.
It would also require governments that “have a policy for monitoring the maintenance and preservation of their infrastructure assets” to provide a brief description of that policy in the notes to the financial statements.
Stakeholders can share their feedback on the exposure draft by 26 June 2026.
