In doing so, state and local governments will be required to produce financial statements much like private sector businesses. No. 34 becomes effective for the State of West Virginia for the fiscal year ending June 30, 2002. Committees are composed of individuals from various state agencies meeting on a monthly basis to discuss issues.
Recommendations continue to be submitted to an oversight committee for review and approval.
The approach described above is an initiative by the Department of Administration's Finance Division. In addition, the Chief Inspector Division within the State Auditor's Office is working with county and city governments as well as public service districts. Finally, a group of individuals within the State's higher education institutions has begun meetings and teleconferences to resolve issues related to GASB Statement No. 35. Statement No. 34. The committee is formulating pro-forma statements with a projected completion date of March 31, 2001.