GASB 34 Should Be Revised
Anthony, Robert N., Newberry, Susan M., The Government Accountants Journal
The Governmental Accounting Standards Board (GASB) describes Statement 34 as "...the most comprehensive governmental accounting rule ever developed." Unfortunately, the statement has serious defects, but they can be remedied.
In the early 20th century, many government organizations controlled spending by a system called fund accounting. In 1984, when GASB was established, state and local governments were still using the system, even though many organizations had found that an accrual accounting system provided better control at a lower cost. In 1990 GASB issued Statement 11, which required an accrual accounting system, but it was not implemented.1
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Publication information: Article title: GASB 34 Should Be Revised. Contributors: Anthony, Robert N. - Author, Newberry, Susan M. - Author. Journal title: The Government Accountants Journal. Volume: 49. Issue: 1 Publication date: Spring 2000. Page number: 36+. © Association of Government Accountants Fall 1996. Provided by ProQuest LLC. All Rights Reserved.
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