Posted: January 7th, 2016
The Governmental Accounting Standards Board (GASB) is a private, nonprofit organization formed in 1984 to develop and improve accounting and financial standards for state and local governments. In June, 1999, GASB approved GASB-34, entitled Basic Financial Statements-and Managements Discussion and Analysis- for State and Local Governments. This statement establishes new requirements for the annual financial reports of state and local governments.
There are approximately six major requirements outlined in GASB-34 – one of these is “Required Supplementary Information” (RSI). Describe this requirement and discuss the changes in reporting requirements RSI now requires of state and local governments.
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