GASB state 34
On June 30, 1999 the GASB passed statement number 34. Statement 34 establishes new accounting requirements for state and local governments that are scheduled to begin on June 15, 2002. There are three phases scheduled for the implementation of statement 34, each depending on the size of the government. The largest governments must meet the requirement first while the smaller governments have more time to comply with the statement. Statement 34 will improve the governmental accounting system in many ways. First, statement 34 will create easier to understand financial statements. This will allow people other than accountants to understand the information within a government financial statement. Secondly, statement 34 will help city officials keep track of fixed assets that need to be replaced or improved. This addition is important because city officials often forget that assets have been in use for too long, resulting in costly improvements that could be avoided. Furthermore, statement 34 will allow readers to determine whether the government has improved since the last fiscal year. These goals will be accomplished in several ways. First, a management discussion and analysis (MD&A) statement will be required. Wit
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Some common words found in the essay are:
, statement 34, governments report, financial position, accrual method, revenues earned, statement 34 improve, change statement 34, revenues earned period, financial position government, asset management, report revenues, earned period, determine government, governments report revenues, governmental accounting,
Approximate Word count = 837
Approximate Pages = 3 (250 words per page double spaced)
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