GASB Standards Regarding Financial Reporting [WLOs: 1, 3] [CLOs: 1, 3]

Prior to beginning work on this discussion forum, read Chapters 4 and 5 in the text, and read the article, Implications of GASB statement no.34 for reporting and accountability: The Georgia experience.

GASB has issued standards regarding basic financial reporting in Statement No. 34. To explore this idea, go to the Governmental Accounting Standards Board (Links to an external site.) website, key in Statement 34 in the search field, and hit enter. Then review the information summary, and summarize this information in your own words. While no specific number of words is required, ensure you adequately cover the material for the class. Assume several paragraphs will likely be needed to summarize this material properly. For details on how to best summarize, review the Writing Center’s guide, Quoting, Paraphrasing, & Summarizing (Links to an external site.).

Guided Response: Later, come back to this discussion, read your peers’ summaries, and select at least two of these to comment on. Your comments should focus on the content of Statement 34, and you should explore one or more points of the information in detail, perhaps asking a question or two for clarification, or expanding on the information presented to add to and generate additional discussion on the statement.