The Governmental Accounting Standards Board (GASB) has enhanced and updated the statistical section that accompanies a state or local government’s basic financial statements.
The move, made via “Statement No. 44, Economic Condition Reporting: The Statistical Section,” is intended to reflect changes that have taken place in government finance, including the increase in scope of government-wide financial information required by GASB Statement 34, the board noted in its announcement. Statement 44 is effective for periods beginning after June 15, 2005.
The statistical section comprises schedules presenting trend information about revenues and expenses, outstanding debt, economics and demographics, and other subjects. The board says wants the schedules to provide financial statement users with the context they need to assess a government’s financial health.
Statement 44 updates the statistical section schedules to include, for instance, requirements for governments to report the broad array of debt they now issue as well as general obligation bonds that were previously reported, according to GASB.
The statement also replaced prior standards aimed at general-purpose local governments with clearer guidelines that can be implemented by any type of governmental entity, the board said.