GASB No. 34 applies to all governmental entities

California CPA, Sept, 2004

GASB 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments, applies to all governmental entities for years ended June 30, 2004, or later.

There was a long, tiered implementation period based on a government's total annual revenues. But this year, even the smallest of governmental entities must comply. GASB No. 33 on exchange transactions must be adopted before or concurrently with GASB No. 34.

CalCPA's Governmental Accounting and Auditing Committee and the California Committee on Municipal Accounting have issued several white papers that help apply these accounting standards to California governmental entities.

These white papers are free to CalCPA members at www.calcpa.org/GAA (select "White Papers").