Today, the Governmental Accounting Standards Board announced it will be starting a project to reexamine the existing financial reporting model, which was established in 1999 through Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, and subsequent related pronouncements. GASB will start the process in October 2015 to develop a draft document based upon the research the GASB staff has conducted with users, preparers, and auditors of governmental financial statements over the past two years on how the financial reporting model is functioning in practice. GASB expects that a draft document amending Statement 34 will be made available for public comment by the end of 2016. For more information on this GASB project, click on the link below.
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