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Product support for the Creative Solutions Accounting platform ended on September 30, 2020.

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The Governmental Accounting Standards Board (GASB) issued Statement Number 34 (in June 1999) to establish accounting and external financial reporting standards for state and local governments and other public agencies.

GASB 34 requires that the value of infrastructure assets be reported in annual financial reports on an accrual rather than a cash accounting basis, with the result that two sets of financial statements are required: (1) fund financial statements, and (2) government-wide financial statements.

The Financial Reporter module supports the following amount types for statement cell properties:

• Balance
• Budget
• Adjusted Budget
• Debit
• Credit

The Adjusted Balance amount type is useful if you need to comply with GASB 34 requirements. The budgetary schedules or statements should present both the original budget and the final amended budget compared with actual resource inflows, outflows, and balances stated on the budgetary accounting basis.

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