GASB Enhances Governmental Financial Reporting Model

The GASB has released Statement No. 103, Financial Reporting Model Improvements, which is “designed to improve key components of the financial reporting model—the blueprint for governmental financial reports.” The purpose of Statement 103 is to build on the existing requirements in GASB Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, by (1) enhancing “the effectiveness of governmental financial reports in providing information essential for decision making and assessing a government’s accountability” and (2) addressing “certain application issues.”

For more information, see the press release on the GASB’s Web site.