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Your General Fund reporting could change…significantly!

November 30, 2016 | IGFOA updates

Your General Fund reporting could change…significantly! 

GASB has put the re-evaluation of GASB Statement No. 34 on their calendar.  

This standard has been in effect for over 10 years now and gave us entity-wide statements and the Management’s Discussion and Analysis.  GASB is looking to re-evaluate the standard and there are some equally “big” potential changes they are considering.  

TARC wants to encourage all of you to make the effort to become aware of this proposal.  The GASB will be releasing its Invitation to Comment on the Financial Reporting Model in the 4th quarter of 2016.  Our goal is to encourage more comment letters to be submitted to the board.  The more comments they receive, the greater the influence those letters have on the final standard issued.  Stayed tuned for more information!  

More information is also available on the GASB website, including tentative board decisions to date which can be viewed  at http://www.gasb.org/cs/ContentServer?c=GASBContent_C&pagename=GASB%2FGASBContent_C%2FProjectPage&cid=1176163289827#decisions

It’s only a page long, really.

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