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Forensic Accounting, Forensic Techniques, and Fraud Detection Copyrighted 2001 D. Larry Crumbley, ... - page 331 / 352

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© D.L. Crumbley

Governmental Accounting Standards Board: nonprofit agency charged with setting GAAP for state and local governments.

Although GASB has no authority to set law, many public agencies follow its standards.

Statement No. 34 retains the fund accounting focus (good for budgeting and short-term focus), but adds government-wide financial statements (e.g., account for all assets and liabilities).

Requires capitalization and depreciation of infrastructure assests.

Goes from the Governmental Funds Statements to the Statement of Net Assets and Statement of Activities.

Goes from the modified accrual statements to the full accrual statements.

New Management Discussion and Analysis (MD & A) Statement – a narrative discussion of any significant changes in the overall financial picture of a given agency.

Source: K. Middaugh, “The Great GASB,” Government Technology, October 2003, pp. 50-52.

GASB Statement No. 34

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