As the Governmental Accounting Standards Board began grappling with concepts in reporting governmental service efforts and accomplishments, or SEA, it knew traditional financial statements didn’t provide a complete picture of government performance.After all, not everything that a government does can be measured in dollars and cents, so should GASB write standards for things that are not measured monetarily?
When the board issued its first thoughts on SEA in Concepts Statement 2 in 1994, the scope of the statement reached a bit beyond financial reporting. The statement did not set SEA reporting requirements, as an actual standard would, but it formed the philosophical framework that would eventually guide the board as it broached the issue in future projects.
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