GASB Fine-tunes Statement No. 34.

• Position: Government Accounting Standards Board, United States - Brief Article

The Governmental Accounting Standards Board (GASB) has posed some clarifications and changes to its new financial reporting model for state and local governments. GASB's senior project manager said the draft "essentially fine-tunes a few of the provisions in Statement 34." Among other things, the board proposed eliminating a requirement that governments capitalize their construction period interest for general governmental assets, such as buildings and roads. The board also would allow states and municipalities, in their government-wide operating statements, to report expenses and revenues for different...