NASCAT Commends GASB Standard On Financial Reporting

The National Association of State Auditors, Comptrollers, and Treasurers (NASCAT) commended the Governmental Accounting Standards Board on its new framework for government financial reports, as detailed in GASB Statement 34. NASCAT gave its support to the "innovations that are evident in the new governmental financial reporting model," and encouraged state and local governments to adopt the statement. The announcement was made at the association's annual meeting in Norwalk, Conn., and was in response to objections to some of the provisions of the statement voiced by the Government Finance Officers Association (see August News & Views) .

"Our organization has worked with GASB as it developed the new standard," said Steve Adams, Tennessee state treasurer and NASCAT president. "We believe the new reporting model will make financial information easier to understand and help citizens hold their governments more accountable."

"GASB is taking a more business-like approach to financial reporting for the nation's 87,000 state and local governments' assets and liabilities," said GASB Chair Tom Allen. "I'm especially pleased that state financial officers are taking a leadership role in applying the new standard." *

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