The Role of GASB 34 in the Citizen-Government Accountability Relationship

In: State and local government review: a journal of research and viewpoints on state and local government issues, Band 34, Heft 1, S. 51-63

Abstract

Concepts statement No. 1 of the Governmental Accounting Standards Board (GASB), Objectives of financial Reporting, elaborates how governmental financial reporting is supposed to support the accountability relationship between governments & citizens. Within that context, this article explores the degree to which GASB Statement No. 34, Basic Financial Statements -- and Management's Discussion and Analysis -- for State and Local Governments, serves the accountability needs of citizens & their governments. Although the new financial statements should help local governments lay the groundwork to better & more fully meet those needs, some objectives nevertheless remain unfulfilled under these guidelines. 3 Tables, 12 References. Adapted from the source document.