Posted: January 7th, 2016

Describe this requirement and discuss the changes in reporting requirements RSI now requires of state and local governments.

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.