Gasb Statement No. 44 And Its Impact On Reporting

2207 words - 9 pages

Financial statements of any type of entity (governmental or business) must be comparable from one accounting period to another. In any type of industry it is necessary to adopt accounting principles that best reflect the entity’s respective practice. Changes in accounting principles are often required to improve reliability and relevance of the financial statements. Financial statements of an entity must be presented consistently with other entities that are involved in the same line of practice. Ultimately, this allows users of the financial statements to interpret the performance and position of the entity in comparison to those in the same practice. Governmental reporting is no different than the reporting of the private sector in the aspect of the continual search for improvement in the comparability of financials. As stated above, the more streamlined financial statements are within a sector allows for better performance measures and can provide access to fair financial reporting. In seeking enhanced reporting the Governmental Accounting Standards Board (GASB) issued Statement No. 44 as an amendment to the statistical section portion of the National Council on Governmental Accounting (NCGA) Statement 1, Governmental Accounting and Financial Reporting Principles. In this study I focus on three main aspects. First, I define the downfalls of NCGA Statement 1 within the statistical section of the financial statements and the origin of GASB Statement 44. I will also give a brief definition of the statistical section and its importance. It is imperative to grasp the specific impact of the statistical section and the reasons for implementation. Second, I investigate the objectives of the statistical section and the specific intentions of the GASB Statement No. 44. Finally, I consider the presentation details required in GASB Statement No. 44 and how reporting was improved in the statistical section of the governmental financials. To further emphasize the presentation details in the statement I will provide examples from numerous cities financial reports for visual representation.
II. Background & Research
GASB Statement No. 44 Origin
GASB Statement No. 44, Economic Condition Reporting: The Statistical Section, is designed to reflect the significant changes in government reporting, while including the comprehensive government wide financial information required by GASB Statement 34. Statement 44 amends prior standards that were aimed more toward reporting for general purpose local governments. Statement 44 provides for clearer guidelines that can be used by any type of governmental entity (“GASB Issues Statement No. 44” p.9). The statistical section is the portion of the governmental entity’s comprehensive annual report that provides financial trends over the last 10 years about the entity’s respective financial performance, major revenue sources, economic and demographic indicators, debt obligations, and operating activities (“Help Implementing...

Find Another Essay On GASB Statement No. 44 and Its Impact on Reporting

Military Engineering and its Impact on War

994 words - 4 pages own designs, the Japanese had become an economical and military powerhouse within a span of just a few decades. No one had anticipated the effectiveness of the small island nation, but through their industriousness and determinacy, the Japanese were able to catch up to the modern countries as well as surpass them in the coming century. The profession of military engineering has been a huge impact on the use of warfare for ages. Without the engineering advancements made, warfare would still be in its bow and arrow days.

Neglect and Its Impact on Language

2418 words - 10 pages conducted to further understand what one profession includes, and how professionals would help this pretend case study. The interviewee also assessed Chicago’s strengths and weaknesses in terms of city community resources. Neglect negatively affects language acquisition and will explore examples, causes, consequences, and intervention for lack of language.   Neglect and Its Impact on Language Case Study Sarah* (name changed) is a four-year-old child

Globalization and its impact on cities

1832 words - 7 pages Sarosh Chaudhry06/04/14Prof: Darren BaranySSN: 187.1801Globalization and its Impact on CitiesGlobalization is almost a household word among geographers. Geographers allude to its effects on urban systems and individual cities so often that it seems to be the core of a new research paradigm, the overarching explanation of urban change. Yet such a patent answer should itself be questioned: the idea that this (or any) secular trend actually

Globalization and Its Impact on Wealth Disparity

2835 words - 11 pages Globalization and Its Impact on Wealth DisparitySummary on IssueThe concept of globalization is no longer new to any people in the world. It has its origin as early as colonial times. It was derived from the concept "international" which is coined by Jeremy Bentham in the 1780s (Scholte, 2008). However, the word "globalization" did not come into existence until 1950s (Scholte, 2008). And by the time it flourished, it was already 1980s (Roberts

Television Violence and its impact on Children

642 words - 3 pages -blooded murderer, but the total impact of witnessing repeated acts of violence may slowly cause our society to become more and more aggressive until there are too many killings to list on the news and watching one while you walk down the street is a common occurrence. We will never actually be able to tell what the ultimate impact of violence on television is until it actually happens, but will that be too late for us to recover from it? Only time will tell.

Advertising and Its Impact on Children

1548 words - 6 pages Advertising has had a powerful impact on today’s children. From songs, to logos, to characters, advertisers keep in mind their audiences. Competition is the force which causes advertisers to target children. Children are targeted through the catch phrases, animated characters, and toys in these competitive advertisements.      The textbook used in class (Huffman, 2002) describes that “advertising has numerous

Technology and Its Negative Impact on Humans

828 words - 4 pages Technology and Its Negative Impact on Human In today’s life, technologies are rapidly growing day by day. Today’s life is like a race. People, who can adapt new technologies very fast, can go ahead in their lives. Otherwise, they would always be behind in life race. People can’t imagine their life without technologies, and various technologies are helping people to live their life with more luxury. New technologies have several positive aspects

Social Media and its impact on Society

1017 words - 5 pages concept, it can be argued that it has a negative impact on society. Extensive usage of social media can cause addiction, affecting productivity, and also reduce the level of human interaction, which in turn leads to isolation. Social media is correlated to many of the issues that revolve feminism and mental illness through anthropology, sociology and psychology. Social media was created with the purpose of aiding the general population to

Psychiatry and its impact on culture

2161 words - 9 pages the church and inquisition, not into the hands of doctors. As a result many of them were accused of witchcraft and sorcery, and having relations with evil spirits and were burned alive.During the 15th and 17th century new hospitals in Western Europe were established in old jails. Its main goal was to protect citizens from mentally ill. Patients had to sleep on the floor, were chained to the walls and even hit. They did not receive any medical

Technology and Its Negative Impact on us

670 words - 3 pages Today you can’t walk into a restaurant without seeing someone using a cell phone, laptop or some other form of technology. Most people do this without thinking anything about it and the negative impact that follows. Yes, some use of technology is okay but most people go overboard. This is causing some people to be less active than they should be, which can lead to obesity. While others are having less physical communication with each other

Printing and its Impact on Society

1216 words - 5 pages written documents kept the works out of there reach. People of this world had very amazing memories. They would make rhymes and use props to help themselves remember.Manuscripts remained rare and costly because they had to be laboriously drafted and copied by hand. They were marks of doubtful significance on dead animal skins. The skins were smoothed with pumice stone and scraped then softened with a crayon. Documents were often forged and undated

Similar Essays

Immigration And Its Impact On America

1440 words - 6 pages Immigration and Its Impact on America America would not be America without immigrants. In addition to America having been founded by immigrants, the nation was literally ‘built’ by immigrants. In 1565, Spanish explorers established Augustine, Florida which is America’s oldest known colony. However, the largest early colony of immigrants were the English colonists who settled in Jamestown,Virgina and Plymouth, Massachusetts. These English

Diversity And Its Impact On Organizations

3007 words - 12 pages organizations, and examines the legally mandated and stakeholder driven reasons for implementing and sustaining diversity.Diversity and its Impact on OrganizationsDiversity is what makes people different, not just culturally but in human differences. Having a multitude of differences in the workforce gives an organization the ability to use many ideas to reach a common goal. A person could say that a diverse group of people together in one room can

Micro Finance And Its Impact On Poverty

970 words - 4 pages Despite the growing body of literatures about the microfinance and its impact on poverty, there are counter growing criticisms against microfinance in issues such as reaching the poor, unchanged poverty level, high interest rate, brutality in repayment processes, financial sustainability, and women empowerment. (Hossain, 2010). In terms of poverty reduction and reaching the poor people, the studies edited by (Hulme & Mosley, 1996) on the impact

Avation And Its Impact On The Environmen

827 words - 4 pages Noise The noise of Aircrafts was historically a major environmental issue for the airline. It is still high on the agenda of public concern. Noise disturbance has a variety of difficult issues to assess because it is open for self- reactions. Its impact is not one permanently on the actual environment, but it can have many effects on the people living in the area of the airport, including: interference in communication, sleep disturbance, and