Implementation Recommendations for School Districts. GASB Statement No. 34.

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Explains the GASB Statement 34 reporting model, which affects every public-school organization that issues financial statements in conformity with generally accepted accounting principles (GAAP). The term reporting model is used in this publication to describe the minimum set of financial statement, note disclosures, and required supplementary information that must be presented in a financial report for an independent auditor to assert, without qualification or further comment, that a government's financial statements are fairly presented in conformity with GAAP. Statement 34 will improve operational accountability by highlighting the districtwide perspective that was frequently lost in the detail of fund accounting. Although the statement includes significant requirements that enhance financial reporting, it does not abandon the traditional public-sector approach to accounting and fiscal disclosure. The requirements are also designed to make annual reports easier for the public to understand and more useful to stakeholders. The document presents the new standards and provides examples of the required financial reports.
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