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<br />Summary of Statement No 34 <br /> <br />Page 7 of8 <br /> <br />statements. <br /> <br />Required Supplementary /nfonnation <br /> <br />To demons/rate whether resources were obtained and used in <br />accordance with the government's legally adopted budget, RSI <br />should include budgetary comparison schedules for the general <br />fund and for each major special revenue fund that has a legally <br />adopted annual budget. The budgetary comparison schedules <br />should present both (a) the original and (b) the final appropriated <br />budgets for the reporting period as well as (c) actual inflows, <br />outflows, and balances, stated on the government's budgetary <br />basis. This Statement also requires RSI for govemments that use <br />the modified approach for reporting infrastructure assets. <br /> <br />Effective Date and Transition <br /> <br />The requirements of this Statement are effective in three phases <br />based on a government's total annual revenues in the first fiscal <br />year ending after June 15, 1999. Governments with total annual <br />revenues (excluding ex1raordinary items) of $1 00 million or more <br />(phase 1) should apply this Statement for periods beginning after <br />June 15, 2001. Governments with at least $10 million but less than <br />$100 million in revenues (phase 2) should apply this Statement for <br />periods beginning after June 15, 2002. Governments with less than <br />$10 million in revenues (phase 3) should apply this Statement for <br />periods beginning after June 15, 2003. Earlier application is <br />encouraged. Governments that elect early implementation of this <br />Statement for periods beginning before June 15, 2000, should also <br />implement GASB Statement No. 33, Accounting and Financial <br />Reporting for Nonexchange Transactions, at the same time. If a <br />primary government chooses early implementation of this <br />Statement, all of its component units also should implement this <br />standard early to provide the financial information required for the <br />government-wide financial statements. <br /> <br />Prospective reporting of general infrastructure assets is required at <br />the effective dates of this Statement. Retroactive reporting of all <br />major general governmental infrastructure assets is encouraged at <br />that date. For phase 1 and phase 2 governments, retroactive <br />reporting is required four years after the effective date on the basic <br />prOVisions for all major general infrastructure assets that were <br />acquired or significantly reconstructed, or that received significant <br />improvements, in fiscal years ending after June 30, 1980. Phase 3 <br />governments are encouraged to report infrastructure retroactively, <br />but may elect to report general infrastructure prospectively only. <br /> <br />Components of This Statement <br /> <br />This Statement consists of several components. The detailed <br />authoritative standards established by this Statement are presented <br />in paragraphs 3 through 166. Appendix C provides nonauthoritative <br />illustrations of MD&A; the basic financial statements required for a <br />variety of types of governments, such as towns, school districts, fire <br />districts, and utilities; notes to those financial statements required by <br />this Statement; and RSI other than MD&A. The reasons for the <br />Board's conclusions on the major issues are discussed in the Basis <br />for Conclusions (Appendix B). Appendix 0 summarizes how the new <br /> <br />http://accounting.rutgers.edulraw/gasb/stlsummary/gstsm34.html <br /> <br />2/8/02 <br />