Tribal Government Feedback Needed on GASB’s Financial Reporting Model Project

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Tribal Government Feedback Needed on GASB’s Financial Reporting Model Project

January 23, 2019

Comments due to NAFOA by February 1, 2019

As part of a multi-year project to analyze its landmark financial reporting Statement No. 34, the Governmental Accounting Standards Board (GASB) has a project to reexamine the financial reporting model. NAFOA is seeking your feedback on areas of improvement that could be made for tribal governments.

Although the Financial Reporting Model Improvements project predominantly discusses governmental fund reporting, proprietary fund financial statements are also addressed, which may be of interest to tribes since they often have more proprietary funds than a local government. Of specific interest to tribes that follow enterprise fund accounting or full accrual accounting, this project will also explore:

  • Proprietary fund and business-type activity financial statements – Evaluation of alternatives for operating indicators and guidance for the separate presentation of operating and non-operating revenues and expenses.
  • Management’s discussion and analysis (MD&A) – Options for enhancing the financial statement analysis, consideration of eliminating certain boilerplate or background requirements and clarity for presenting currently known facts, decisions or conditions that may have a significant effect on financial position or the results of operations.
  • Extraordinary and special items – Alternatives to improve the consistency in reporting extraordinary and special items in governmental financial reports.
  • Proprietary fund and business-type activity financial statements are scheduled for initial discussion during this spring and are anticipated to be included in the preliminary views released in 2018.

Please send your comments to Jennifer@nafoa.org by Friday, February 1, 2019, or you may submit comments directly to the GASB by emailing director@gasb.org


Resources: 

Project 3-25: Financial Reporting Model Improvements

Financial Reporting and Information Guide for Tribal Governments and Enterprises (Orange Book)