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GASB conducts survey on Statement 34

  • GASB (Governmental Accounting Standards Board) (blue) Image

May 23, 2014

The GASB has announced that it is conducting a survey on the effectiveness of Statement No. 34, “Basic Financial Statements — and Management’s Discussion and Analysis — for State and Local Governments.” Specifically, the GASB is seeking feedback on the following questions:

 

  • “What concerns exist regarding the application of the standards?
  • How do the costs of applying the standards compare with the perceptions of the benefits of the resulting information?
  • What financial reporting model requirements are effective or ineffective in providing information that is essential for decision-making and that enhances the ability to assess a government’s accountability?”

Preparers of governmental financial statements that choose to participate in the survey must complete it by June 6, 2014.

For more information, see the press release on the GASB’s Web site.

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