GASB 34 financial statement procedures

Alerts and notices
Leave feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

Important reminder!

Product support for Engagement CS is ending on September 30, 2020. See Engagement CS license expiration 2020 - frequently asked questions for more information.

Licenses for Payroll CS, Trial Balance CS, and Write-Up CS permanently expired on March 1, 2017.

Some processes documented in the Help & How-To Center are no longer applicable, due to the discontinuation of Creative Solutions Accounting.

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:

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.

Share This