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The New Governmental Financial Reporting Model under GASB Statement No. 34: An Emphasis on Accountability
Author(s) -
Voorhees William R.,
Kravchuk Robert S.
Publication year - 2001
Publication title -
public budgeting and finance
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.694
H-Index - 30
eISSN - 1540-5850
pISSN - 0275-1100
DOI - 10.1111/0275-1100.00040
Subject(s) - governmental accounting , accountability , financial statement , accounting , government (linguistics) , statement (logic) , business , fund accounting , public administration , state (computer science) , finance , financial accounting , political science , accounting information system , audit , computer science , law , linguistics , philosophy , algorithm
After more than a decade and a half of research, study, and public comment, the Governmental Accounting Standards Board (GASB) in June 1999 issued the standards for a new governmental accounting model, GASB Statement No. 34, Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments (hereafter Statement No. 34). These new standards introduced significant operational accountability by adding a set of additional government‐wide financial statements to the current set of fund‐based financial statements, which had previously focused on fiscal accountability. Other changes have resulted in substantially improved accountability in the government reporting model.