NotesFAQContact Us
Search Tips
ERIC Number: ED455558
Record Type: RIE
Publication Date: 2000
Pages: 73
Abstractor: N/A
ISBN: ISBN-0-910170-81-9
Implementation Recommendations for School Districts. GASB Statement No. 34.
Association of School Business Officials International, Reston, VA.
Statement 34 is the most significant change in the history of governmental accounting. It is a dramatic change in the way school districts report and present financial information. This new reporting model affects every public-school organization that issues financial statements in conformity with generally accepted accounting principles (GAAP). The term "reporting model" is used in this publication to describe the minimum set of financial statement, note disclosures, and required supplementary information that must be presented in a financial report for an independent auditor to assert, without qualification or further comment, that a government's financial statements are fairly presented in conformity with GAAP. Statement 34 will improve operational accountability by highlighting the districtwide perspective that was frequently lost in the detail of fund accounting. Although the statement includes significant requirements that enhance financial reporting, it does not abandon the traditional public-sector approach to accounting and fiscal disclosure. The requirements are also designed to make annual reports easier for the public to understand and more useful to stakeholders. The document presents the new standards and provides examples of the required financial reports. Appendixes provide sample management discussion and analysis, and the ASBO Certificate of Excellence in Financial Reporting Program. (DFR)
Association of School Business Officials International, 11401 North Shore Dr., Reston, VA 20190-4200. Tel: 703-478-0405; Fax: 703-478-0205; Web site:
Publication Type: Numerical/Quantitative Data; Reports - Descriptive
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Association of School Business Officials International, Reston, VA.
Grant or Contract Numbers: N/A
Note: Sponsored by