GASB sets reporting and accounting rules for municipal and state governments and agencies. While GASB’s statements do not have the force of law, they define “Generally Accepted Accounting Principles,” or GAAP for governmental entities. In order for financial statements to receive an unqualified opinion from an outside auditor, they must comply with GAAP. The failure to obtain such an opinion may adversely affect an agency's credit rating (impacting such things as their ability to recieve grants or borrow money).

GASB Statement 34 is a federal requirement for state and local governmental units intended to provide users of financial statements a more complete picture of the fiscal health of the governmental entities. Among the many requirements of GASB34, is that the unit provide information on the condition of its assets. Until GASB34, there was no requirement that governmental units include any such information in their financial statements.

With our team of engineers, information technology analysts, and Global Information (GIS) specialists, Civic Engineering can inventory, map, and assess the infrastructure of agencies of any kind. Our personnel have been involved in the implementation of Asset Management programs for several clients.