Governmental Accounting Standards BoardThe Governmental Accounting Standards Board (GASB) presented its exposure draft (ED) on the government's financial reporting model 'Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments' in Jan 1998. The GASB proposed that governments should prepare a statement of activities and a statement of net assets in the ED. In addition, the GASB also suggested that governments should develop three major financial statements for government funds at the fund perspective. These include a statement of revenues and expenditures and a balance sheet.
GASB reporting model exposure draft.
In January, the Governmental Accounting Standards Board (GASB) released its much-awaited exposure draft (ED) on the governmental financial reporting model, Basic Financial Statements - and Management's Discussion and Analysis - for State and Local Governments. For the most part, the proposals contained in the ED are closely patterned on those set forth in the GASB's related preliminary views (PV) document th...