News Release 06-07-04


Governmental Accounting Standards Board Issues Statement No. 44, Economic Condition Reporting: The Statistical Section

Norwalk, CT, June 7, 2004—The Governmental Accounting Standards Board (GASB) has issued Statement No. 44, Economic Condition Reporting: The Statistical Section. Statement 44 enhances and updates the statistical section that accompanies a state or local government’s basic financial statements to reflect the significant changes that have taken place in government finance, including the more comprehensive government-wide financial information required by GASB Statement 34.

The statistical section comprises schedules presenting trend information about revenues and expenses, outstanding debt, economics and demographics, and other subjects. These schedules are intended to provide financial statement users with contextual information they need to assess a government’s financial health.

Statement 44 updates the statistical section schedules to include, for example, requirements for governments to report the broad array of debt they now issue in addition to general obligation bonds that were previously reported. The Statement also replaces prior standards, which were oriented toward general purpose local governments, with clearer guidelines that can be implemented by any type of governmental entity. Statement 44 further improves the understandability and usefulness of statistical section information by requiring governments to augment their schedules with notes regarding sources, methodologies, and assumptions, and narrative explanations of unfamiliar concepts, atypical trends, and anomalous data that users would not otherwise understand. Statement 44 is effective for periods beginning after June 15, 2005.

The Statement (Product Code GS44) can be ordered through the GASB’s order department at 800-748-0659 or via its website at

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

Governmental Accounting Standards Board 

Improving governmental accountability through better financial reporting