This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

FAF completes post-implementation review of GASB’s guidance on fund balance reporting

  • FAF (US Financial Accounting Foundation)  Image

Nov 16, 2016

The FAF has released a post-implementation review (PIR) report on GASB Statement No. 54, “Fund Balance Reporting and Governmental Fund Type Definition.”

The PIR report con­cluded that State­ment 54 has achieved its ob­jec­tives. Spe­cific find­ings noted by the PIR team in­cluded the fol­low­ing:

  • “Statement 54 resolved the primary issues underlying its stated need.”
  • “Statement 54 provides users of financial statements with decision-useful information.”
  • “Statement 54 is operational because it is understandable, can be applied as intended, and enables fund balance and governmental fund type information to be reported reliably.”
  • “The changes made to financial and operating practices as a result of Statement 54 were not significant or unexpected.”
  • “There were no significant unanticipated consequences as a result of the adoption of Statement 54.”
  • “Overall, implementation and continuing application costs associated with Statement 54 were not significant and were consistent with the GASB’s expectations.”
  • “Overall, Statement 54 achieved its expected benefits.”

For more in­for­ma­tion, see the press release and PIR report on the FAF’s Web site as well as the GASB’s re­sponse letter to the FAF on the GASB’s Web site.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.