The records system is believed to have started in Italy in the 14th century in line with trade developments in Europe. In 1491, Luca Pacioli, a mathematician, and an Italian Franciscan monk wrote the first book that described double-entry accounting processes. In many countries, including Korea, the government accounting standards used single-entry bookkeeping rather than double-entry bookkeeping that can be aggregated by account subject. The cash-based and single-entry bookkeeping used by the government in the past had limitations in providing clear information on financial status and establishing a performance-oriented financial management system. Accordingly, the National Accounting Act (promulgated in October 2007) stipulated the introduction of double-entry bookkeeping and accrual accounting systems in the government sector from January 1, 2009. Furthermore, the Korean government has also introduced International Financial Reporting Standards (IFRS), and the System of National Accounts (SNA). Since 2014, Korea owned five national accounts. In Korea, valuation began with the 1968 National Wealth Statistics Survey. The academic origins of the valuation of national wealth statistics which had been investigated by due diligence every 10 years since 1968 are based on the 'Engineering Valuation' of professor Marston in the Department of Industrial Engineering at Iowa State University in the 1930s. This field has spread to economics, etc. In economics, it became the basis of capital stock estimation for positive economics such as econometrics. The valuation by the National Wealth Statistics Survey contributed greatly to converting the book value of accounting data into vintage data. And in 2000 National Statistical Office collected actual disposal data for the 1-digit asset class and obtained the ASL(average service life) by Iowa curve. Then, with the data on fixed capital formation centered on the National B/S Team of the Bank of Korea, the national wealth statistics were prepared by the Permanent Inventory Method(PIM). The asset classification was also classified into 59 types, including 2 types of residential buildings, 4 types of non-residential buildings, 14 types of structures, 9 types of transportation equipment, 28 types of machinery, and 2 types of intangible fixed assets. Tables of useful lives of tangible fixed assets published by the Korea Appraisal Board in 1999 and 2013 were made by the Iowa curve method. In Korea, the Iowa curve method has been adopted as a method of ASL estimation. There are three types of the Iowa curve method. The retirement rate method of the three types is the best because it is based on the collection and compilation of the data of all properties in service during a period of recent years, both properties retired and that are still in service. We hope the retirement rate method instead of the individual unit method is used in the estimation of ASL. Recently Korean government’s accounting system has been developed. When revenue expenditure and capital expenditure were mixed in the past single-entry bookkeeping we would like to suggest that BOK and National Statistical Office have accumulated knowledge of a rational difference between revenue expenditure and capital expenditure. In particular, it is important when it is estimated capital stock by PIM. Korea also needs an empirical study on economic depreciation like Hulten & Wykoff Catalog A of the US BEA.

PURPOSES : This study attempts to reveal the limitations of the current asset valuation methods for road infrastructure, based on national accounting standards. We proposed novel asset valuation methods, namely; the nearly land price and ratio-based method(NLP&R), and the consumption-based depreciation method(CBD). In addition, we verified the possibility of application through the research on the road network of Daejeon Metropolitan City. METHODS : This study proposes a novel re-evaluation method for road facilities. Regarding land, the authors proposed calculating the asset value, using the arithmetic average of the publicly announced land price of nearby land, located on both sides of the road section. For structures, a consumption-based depreciation(CBD) method that reflects the current condition level of structures was proposed. RESULTS : Owing to the application of the evaluation method for the current guidelines, land value was evaluated at 0.84-8.12 trillion won, pavement value at 8.75 trillion won, tunnel value at 0.26 trillion won, and bridge value at 2.09 trillion won. Owing to the application of the novel evaluation method proposed in this study on road facilities of Daejeon City, land value was estimated at 6.96 trillion won, tunnel value at 0.28 trillion won, and bridge value at 2.40 trillion won. CONCLUSIONS : We discovered that four current evaluation methods for land prices have some limitations that were over-or underestimated. However, in the case of the novel evaluation method proposed in this study, the value of land assets was estimated at 6.96 trillion won, by applying the nearly land price and ratio-based method. The road pavement was evaluated at approximately 8.75 trillion won, by applying the newly calculated re-procurement cost per unit in 2019. Bridges and tunnels using the new evaluation method were evaluated to be higher than the existing evaluation methods, because the current damaged condition of the facilities was reflected in the valuation. It was concluded that the proposed method is more objective and reliable than the current evaluation methods.

PURPOSES : This study is to improve the highway management and rehabilitation efficiently by method for asset management. METHODS : Based on the literature review, The concept of this paper is to investigate the use of asset values from a Bridge management system to improvement of maintenance system more efficiently. This study is suggested for an evaluation method based on the current bridge condition by Written-down replacement cost of the assets. RESULTS : We suggests the optimization methodology of road asset valuation for budge distribution and performance measure. CONCLUSIONS : We evaluate all of national highway's bridge by the optimization methodology of road asset valuation, and suggest application methods of asset result.