TITLE

GASB Issues Invitation to Comment on Fund Balance Reporting Project

AUTHOR(S)
Loyd, D. Scot; Crawford, Michael A.
PUB. DATE
November 2006
SOURCE
Governmental GAAP Update Service;11/30/2006, Vol. 6 Issue 22, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
In October 2006, the Governmental Accounting Standards Board (GASB) took the next step in its Fund Balance Reporting Project by issuing an Invitation to Comment (ITC) entitled "Fund Balance Reporting and Governmental Fund Type Definitions." Over the past two years, the GASB staff and consultants have been interviewing representatives from the financial statement user, preparer, and attestor communities on issues, such as fund balance components, presentation, and usefulness of fund balance information. The preliminary results of the GASB research revealed that fund balance was one of the most widely used elements of financial information in state and local government financial statements, but at the same time was one of the most misunderstood elements.
ACCESSION #
23306970

 

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