논문

This study suggests some implications about which public assets among the
assets local government possessed are reported on the local government
financial statement and how the value of assets be placed. Countries using
advanced governmental accounting such as USA, New Zealand, are
benchmarked. Proposals of Korean Local and Central Governmental Accounting
Standards are reviewed.

Measurement focus has to be all public assets local government owned except
for relics, art works in museum. Public assets have to classified as general fixed
assets and infrastructure. All public assets listed in financial statement must be
depreciated systematically. For local government, public assets are not future
service potential but just a burden by maintenance duties. Thus, as a minimum,
infrastructure must be reported separatedly from the balance sheet by notes or
supplementary reports.