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Asset Management, CMOM, and GASB 34 – how do they all fit together?

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Asset management involves collection, maintenance, and analysis of information on the condition and value of specific infrastructure assets. The goal of asset management is the cost-effective utilitization of resources and capital investments over their life cycle. Toward this goal, asset management programs focus on the development and maintenance of accurate, up-to-date, detailed information that can serve as a basis for informed decision-making.

The goals and benefits of asset management overlap with accounting practices for government agencies concerned with the Governmental Accounting Standards Board Statement No. 34 (GASB 34) requirements, and can also be well-aligned with the objectives of municipal CMOM (capacity, management, operations, and maintenance) programs. This paper provides a general discussion of the components of an asset management program that can be designed to meet the objectives of CMOM and comply with GASB 34 reporting requirements.
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Document Type: Research Article

Publication date: 2003-01-01

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