Kelly Haines

Document Type

Honors Project

First Advisor

Dr. Arthur Gumenik

Degree Award Date

Fall 2001


GASB 34, Governmental Accounting


Accounting | Business


This project examines GASB Statement Number 34, Basic Financial Statements and Management's Discussion and Analysis for State and Local Governments. Issued by the Governmental Accounting Standards Board in June 1999, GASB Statement Number 34 outlines dramatically different financial reporting requirements for state and local governments. Through examination of GASB Statement Number 34 and related literature, I compare the previous standards to the new requirements and explain the Board's justification for altering the financial reporting requirements. I determine the implications of implementing the new standards for both accountants and financial statement users. Through interviews with Certified Public Accountants and local government officials, I assess the benefits of the modifications and examine any prevailing criticisms.