GASB No. 34 establishes new requirements for the annual financial reports of state and local governments. Additional information on the statement is available on the GASB's website . This information includes GASB's press release on the issuance of GASB No. 34, analyses of the key provisions of the statement, and discussion of controversial issues such as the reporting of infrastructure in the financial statements. PPC's latest editions of Guide to Audits of Local Governments and Guide to Preparing Governmental Financial Statements also include additional information on the new model. Component units are required to implement the statement at the same time as the related primary government.
Early application is encouraged.
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