What is the accounting difference between using the modified approach for infrastructure assets and depreciating infrastructure assets? Under the modified approach, what happens if infrastructure assets are not maintained at or above the established condition level? Based on the questions above, select all of the true statements below. Check All That Apply Under the modified approach to accounting for infrastructure assets, adjusting entries, recognizing depreciation expense, and accumulated depreciation are required. Only certain infrastructure assets are eligible to use the modified approach. If the government meets one of the following two requirements, it can use the modified approach for eligible infrastructure assets. (1) management of eligible infrastructure assets using a management system that includes an up-to-date inventory of eligible assets, condition assessments and results using a measurement scale, and estimates of annual costs to maintain assets at the established and disclosed condition level, or (2) documentation that the assets are being preserved at or above the established condition level. If the government fails to maintain the assets at or above the established condition level, it must revert to reporting depreciation for its infrastructure assets and discontinue use of the modified approach.