ROCKDALE COUNTY, GEORGIA WATER RESOURCES TAKES ADVANTAGE OF GASB 34 REQUIREMENTS TO REDUCE RISK

In the competitive climate that government finds itself, new regulations are generally not welcomed. Organizations already have their hands full attempting to find ways to increase efficiency and reduce risk. The new Government Accounting Standards Board (GASB) Statement 34 requirements may be more helpful than first thought in terms of reducing risk and saving maintenance costs. GASB is part of the Financial Accounting Foundation, a not-for-profit organization that establishes accounting rules as an independent organization. In June 1999, GASB issued Statement 34, the most significant change in the history of government financing reporting. Now, governments must, in a complete, accurate and detailed manner, adequately account for and report their capital asset activity.