NEWS RELEASE 05/20/03
Governmental Accounting Standards Board Issues Guidance on Budgetary Comparisons
Norwalk, CT, May 20, 2003—The Governmental Accounting Standards Board (GASB) has issued Statement No. 41, Budgetary Comparison Schedule—Perspective Differences, 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.
This amendment applies to governments with budgetary structures (for example, certain program-based budgets) that prevent them from presenting budgetary comparison information for their general funds and major special revenue funds, as currently required by Statement 34. Under Statement 41, such governments will 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. Generally, governments should present budgetary comparisons for the activities that are reported in the general fund and each major special revenue fund.
The accounting change is being implemented simultaneously with Statement 34. For governments that already have implemented Statement 34, the requirements would be effective for periods beginning after June 15, 2002. The Statement may be obtained by telephoning the GASB Order Department at 800-748-0659 or on-line.
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements and members of the academic community. More information about the GASB can be found at its website www.gasb.org.
Governmental Accounting Standards Board
Improving governmental accountability through better financial reporting