GASB's new Statement 44 beefs up statistics section

Accounting Today, July, 2004 by Glenn Cheney

NORWALK, CONN. -- The Governmental Accounting Standards Board issued a new statement on economic condition reporting that will give citizens and analysts a better idea of changes and trends in a government's economic condition.

Or will the new information bury that better idea in a forest of statistics and explanations?

Statement 44, "Economic Condition Reporting: The Statistical Section," significantly enhances the information presented in comprehensive annual financial reports, known as CAFRs. The statement expands the types of statistical information that should be included in CAFRs, and it requites that the statistics look back 10 years, albeit not until 10 years from now.

While CAFRs themselves are not required, those that are produced must...