Other objectives point to a need for new information. Some of those objectives reaffirm the importance of information that governments already include in their annual reports. The GASB's first concepts Statement,* issued in 1987 after extensive due process, identifies what we believe are the most important objectives of financial reporting by governments. We developed these new requirements to make annual reports more comprehensive and easier to understand and use. When implemented, it will create new information and will restructure much of the information that governments have presented in the past. This Statement establishes new financial reporting requirements for state and local governments throughout the United States. 34īasic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments Summaries / Status Summary of Statement No.
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