AWWA INF53960

The Governmental Accounting Standards Board (GASB) establishes accounting andfinancial reporting standards for state and local governments. GASB recentlypromulgated Statement #34, which fundamentally alters the presentation offinancial results and financial condition for government agencies, includingmunicipally-owned utilities. These changes will impact both the income statementand the balance sheet for water utilities. The effective date for most municipalutilities to implement this Statement is fiscal years starting July 1, 2001.Initially, independent auditors will exercise discretion in measuring compliance,but compliance will evolve into a stricter requirement over time. This paper willdiscuss three of the most significant actions which will result from GASB 34implementation, will examine alternative methods to comply with the requirementsof GASB 34, and will suggest practices that the water industry can adopt toassure uniformity and consistency in complying with Statement #34.

Product Details

Edition:

Vol. - No.

Published:

06/01/2001

Number of Pages:

8

File Size:

1 file , 160 KB