A Study of the Asset Valuation Method for Efficient Road Facility Maintenance

摘要

In this study, an asset valuation process suitable and effective for the actual conditions in Korea is proposed through the examination and analysis of the asset valuation method of road facilities, which can help strategic decision-making for road facility asset management. Moreover, the proposed evaluation method is applied to the asset valuation of bridges currently in use in Korea. Two methods are used in this study: the modified Government Accounting and Standards Board Statement 34 (GASB34) and the depreciated replacement cost (DRC). As they are both based on replacement cost(RC), the results generally show similar trends. Overall, the current value based on DRC is relatively higher than that of the modified GASB34 method.The valuation method based on RC considers depreciation. If the lifetime is extended, the depreciation for the service life is calculated to be low. Therefore, the method based on DRC provides a higher current value than does the modified GASB34 method. The modified GASB34 method also considers the cost of maintenance. For a recently constructed bridge, the maintenance cost is absent or small. Therefore, the resulting value is found to be low.