Spring 2007 issue of Horizons

knowledge. commitment. value. CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS CONSULTANTS

The intangible asset project will provide users of financial information with more useful and comparable information about intangible assets (e.g., water rights, easements and certain software costs) used in providing government services. The project involves the consideration of expanding the current definition of intangible assets contained in GASB Statement No. 34, “Basic Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments.” The GASB’s involvement in the service efforts and accomplishments (SEA) project has been the subject of much controversy. The objective of this project is to encourage the use and reporting of performance measures and, based on their use, determine whether performance measures have developed to the point where the GASB will consider establishing a current technical agenda project on SEA. Unlike most projects on the GASB’s current technical agenda, the SEA reporting project will not result in any new requirements – whatever the outcome of the project, governments will not be required to report on their performance. The GASB will consider potential changes to improve

the usefulness of fund balance information.

30 u summer 2007 issue

Made with FlippingBook Online newsletter