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In June 1999, statement #34 required the most signiffcant change to the reporting model in 60 years. This required the government to: 1. Prepare two
In June 1999, statement #34 required the most signiffcant change to the reporting model in 60 years. This required the government to: 1. Prepare two sets of financials. 2. Settle the conict between Budget basis and Interperiod Equity. 3. Prepare both the Governmentwide and Funds financials. 4. Accept that accrual basis best represents Interperiod Equity. 5. Accept the need for cash or close to cash budget reporting.
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