GASB has issued standards regarding basic financial reporting in Statement No. 34. To explore this idea, go to theGovernmental Accounting Standards Board(Links to an external site.)

website, key inStatement 34in the search field, and hit enter. Then review the information summary, and summarize this information in your own words. While no specific number of words is required, ensure you adequately cover the material for the class. Assume several paragraphs will likely be needed to summarize this material properly.