When the Governmental Accounting Standards Board issued GASB Statement No. 34 in June 1999, it made drastic changes to how state and local governments, including tribal governments, did financial reporting. Now GASB is revisiting that statement and seeking input from stakeholders on how it can improve the model. This is an incredible opportunity to make your concerns known about the current GASB Statement 34 fund financial statements and the proposed changes to those statements.
The fundamental issue GASB is addressing is the form and content of governmental fund financial statements, including their measurement focus and basis of accounting. The objective is to make the statements more understandable for those making decisions based on a governmentâ€™s fiscal health. Read more.