September 1, 2015 – GASB to take a fundamental look at financial statements
Early this month, Journal of Accountancy published an article regarding GASB’s intentions to reevaluate the reporting model for state and local government financial statements. Their goals are to reduce the complexity of certain areas to help improve the timeliness of reporting. This new agenda seeks to examine the financial reporting model that was established in 1999 through Statement No. 34, Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments. Potential areas for improvement include: MD&A, Governmentwide financial statements, Major funds, Governmental fund financial statements, Proprietary fund financial statements, and Budgetary information. Deliberations will begin in October and an initial due process document is expected by the end of 2016.