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GASB 34
New Financial Reporting for Vermont Government
The Governmental Accounting Standards Board (GASB, pronounced “gaz-bee”) has developed standards for financial reporting for state and local units of government. These were issued in GASB Statements #33 (revenue accounting), #34 (state and local government), and #35 (public colleges and universities). Collectively these standards are most often referred to simply as GASB 34.
The methods called for by these standards were applied to accounting and financial reporting for the State of Vermont and it’s component entities starting with the 2001-2002 fiscal year starting July 2, 2001. The standards call for phased adoption of the new reporting methods by local towns and school districts over the following two years.
For a quick link go to http://www.gasb.org/repmodel/index.html
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