The User's Perspective—May 2008

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Making Fund Balance More Useful: GASB Proposes Near Total Revamp 
The potential problems associated with the fund balance information currently being reported by state and local governments has been well documented in prior issues of The User’s Perspective. A multiyear GASB project has resulted in proposed standards that would significantly change how fund balance is reported, with the intention of making the information more understandable, useful and comparable.

 

 
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Bevy of New Projects on Tap for GASB 
Following the GASB’s meetings in April, the GASB chairman announced that the Board would begin deliberations on three new major projects and three narrow practice issues in 2008. In addition, research is slated to begin on three other projects. This article briefly describes the new projects and their potential impact on the information found in government financial reports.

 
 
SEA Reporting Project Under Full Swing 
After two decades of research and monitoring, the GASB has spent the past year applying what it has learned about service efforts and accomplishments (SEA) reporting to a two-pronged project. This article describes the GASB’s recent activities, including proposing changes to one of its Concepts Statements and beginning the process of developing suggested guidelines for voluntary reporting of SEA performance information by state and local governments.

 
 
Comment on Two GASB Proposals: Two GASB draft documents are available for you to review and comment on. Each document can be downloaded free from the GASB website. Please take a moment to look at one or both of them and let us know what you think.

  • Fund Balance Reporting and Governmental Fund Type Definitions (comment deadline June 30)

  • Service Efforts and Accomplishments Reporting—an Amendment of GASB Concepts Statement No. 2 (comment deadline July 3)
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