GASB 34 financial statement procedures

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Important reminder!

Licenses for Payroll CS, Trial Balance CS, and Write-Up CS (but not Engagement CS) permanently expired on March 1, 2017.

For details, see CSA license expiration 2017 – frequently asked questions.

Some processes documented in the Help & How-To Center are no longer applicable, due to the discontinuation of these CSA modules.

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.

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