GASB recently issued guidance aimed at improving the blueprint for government financial reports that it established a quarter-century ago.
GASB Statement No. 103, Financial Reporting Model Improvements, provides targeted improvements to the financial reporting model that was established for state and local governments in 1999.
The guidance seeks to enhance the effectiveness of governmental financial reports to provide information essential for decision-making and assessing a government’s accountability, FASB said in a news release.
Statement No. 103 establishes or modifies requirements related to management’s discussion and analysis, unusual or infrequent items, budget comparison information and more.