Does not require contribution of art
collections or heritage assets
Historical cost is still preferred
costing methodology. Some provision to
be made for assets held at transition.
If infrastructure assets records are
inadequate, inventory only those assets which were acquired/constructed over the past 25 years and limit the inventory to major
infrastructure assets such as roads, bridges, storm sewers, levees, pump stations, etc.
Under a maintenance/preservation
approach, the infrastructure assets must be maintained to a level specified by
the entity’s policy. The condition of those assets is then
assesses. If the condition falls below
the specified level, depreciation must be
charged to that asset.
Depreciable assets must be disclosed
separately from nondepreciable assets.