Norwalk, Conn. (Dec. 16, 2002) -- The Governmental Accounting Standards Board has issued an Exposure Draft that clarifies existing guidance on budgetary comparisons in GASB Statement No. 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments.
The amendment, Budgetary Comparison Schedules-Perspective Differences, would apply to governments with budgetary structures that prevent them from being able to present budgetary comparison information for their general funds and major special revenue funds, as currently required by Statement 34. The comment period ends on Feb. 28, 2003. The Exposure Draft can be ordered calling (800) 748-0659.
The proposed Statement would have governments present budgetary comparison schedules as required supplementary information based on the fund, organization or program structure that the government uses for its legally adopted budget. By and large, governments should present budgetary comparisons for the activities that are reported in the general fund and each major special revenue fund, the seven-member board said.
The change would be implemented simultaneously with Statement 34. For governments that have already implemented Statement 34, the requirements would be effective for periods beginning after June 15, 2002.
-- Electronic Accountant Newswire staff
