Government Industry
Industry: Email Alert RSS FeedThe Challenges of Standards-Setting
Journal of Government Financial Management, The, April, 2008 by Allen, Tom L
The information contained in this article is the unofficial view of one of the FASAB board members. Official positions of the FASAB are determined only after extensive due process and deliberations.
Standards-setting is a delicate juggling act of trying to provide the best information to inform financial decisions while taking into account the natural resistance to change and the burden that falls upon those who are asked to provide and audit the newly desired information.
In the governmental environment, standards-setting is complicated by several factors, including the complex nature of governments and their financial statements, and the fact that few citizens, taxpayers and others affected by government fiscal decisions know how to read financial statements, or take...
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