GASB 34 Reporting of the Value of Buried Infrastructure

摘要

ASSET MANAGEMENT practices combined with the latest condition assessment tools using artificial intelligence, specifically machine learning, to assess the condition of water buried water mains provides a new method for aligning maintenance, repair and replacement strategies to better allocate limited resources. Underground pipe performance evaluations can be established with an objective, data driven approach like machine learning and used to meet accounting's GASB 34 Modified Approach requirement of a systemwide condition assessment three years. This greatly reduces the time required by accounting to report on buried infrastructure systems while increasing the accuracy and value of the financial statements.