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The Governmental Accounting Standards Board (GASB)

1. The Governmental Accounting Standards Board (GASB) is a private, nonprofit organization formed in 1984 to develop and improve accounting and financial standards for state and local governments.  In June, 1999, GASB approved GASB-34, entitled Basic Financial Statements-and Managements Discussion and Analysis- for State and Local Governments.  This statement establishes new requirements for the annual financial reports of state and local governments.

There are approximately six major requirements outlined in GASB-34 – one of these is “Required Supplementary Information” (RSI).  Describe this requirement and discuss the changes in reporting requirements RSI now requires of state and local governments.

 

2. GASB-34 requires that state and local governments will include a Management Discussion and Analysis (MD&A) section preceding the basic financial statements.  Describe and discuss this requirement and compare this requirement with the SB-2 Report – (MD&A) as required by SOX.





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