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<br />~ummary of Statement No 34 <br /> <br />Page 3 of8 <br /> <br />. Assess the finances of the governrnent in its entirety, <br />including the yea~s operating results <br /> <br />. Determine whether the government's overall financial position <br />improved or deteriorated <br /> <br />. Evaluate whether the government's current-year revenues <br />were sufficient to pay for current-year services <br /> <br />. See the cost of providing services to its citilenry <br /> <br />. See how the government finances its programs-through <br />user fees and other program revenues versus general tax <br />revenues <br /> <br />. Understand the extent to which the government has invested <br />in capital assets, inclUding roads, bridges, and other <br />infrastructure assets <br /> <br />. Make beller comparisons between governments. <br /> <br />In short, the new annual reports should give government officials a <br />new and more comprehensive way to demonstrate their stewardship <br />in the long term in addition to the way they currently demonstrate <br />their stewardship in the short term and through the budgetary <br />process. <br /> <br />.. * <br /> <br />The GASB expresses its thanks to the thousands of preparers, <br />auditors, academics, and users of governmental financial <br />statements who have participated during the past decade in the <br />research, consideration, and deliberations that have preceded the <br />publication of this Statement. We especially appreciate the input of <br />those who participated by becoming members of our various task <br />forces, which began work on this and related projects as early as <br />1985. <br /> <br />The GASB is responsible for developing standards of state and local <br />governmental accounting and financial reporting that will (a) result in <br />useful information for users of financial reports and (b) guide and <br />educate the public, including issuers, auditors, and users of those <br />financial reports. We have an open decision-making process that <br />encourages broad public participation. <br /> <br />Summary <br /> <br />This Statement establishes financial reporting standards for state <br />and local governments, including states, cities, towns, villages, and <br /> <br />http://accounting,rutgers,edulraw/gasb/stIsummary/gstsm34.html <br /> <br />2/8/02 <br />