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Essay / Research Paper Abstract
This 6 page paper provides an overview of the new rules created by the Government Accounting Standards Board in 1999. The paper looks at the rules' potential effectiveness in relaying a government's financial position to the public.
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Page Count:
6 pages (~225 words per page)
File: RT13_SA00734.rtf
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Unformatted sample text from the term paper:
by government. The new rules for government accounting changed the way in which government would report their financial state forever, and some contend that things have gotten more businesslike (Casey,
1999). While there are critics who complain, others think that it is about time that government be accountable for its data. When Statement No. 34 was released during the latter
part of June, the requirement significantly altered the rules used in creating governmental documents utilized in financial reporting (Casey, 1999). The changes embraced requirements which were intended to render annual
reports more basic and simpler to comprehend (1999). The way in which 34 tried to accomplish this was to set down new rules meaning that governments had to reveal
the overall financial heath of their organizations, replete with information on assets; this requirement provides that governments will be required to prepare something akin to the annual report in business
(1999). Comptroller Donald Colon, of Onondaga County concurs that the new legislation will prompt governments to create more business-like compliance. He says:"What theyre trying to do is move municipal accounting
more toward private-sector accounting " (1999). And what is wrong with that ? While some think it is a good idea, not everyone agrees. In order to assess whether or
not the new rules will render better orchestrated financial reporting, one has to look at the role of the board, the reasons why it created Statement No. 34 and the
possible ramifications that compliance will bring for governments. What is the Government Accounting Standards Board? The GASB is a private, non-profit entity, which was created during the mid-1980s to
both develop and improve financial-reporting rules for United States state and local governments (Casey, 1999). The board is an independent part of the not for profit Financial Accounting Foundation (FAF)
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