Respond to the following question with a 200 - 300 word response and include personal or work experience where applicable. The Governmental Accounting Standards Board (GASB) is a private, nonprofit organization formed in 1984 to develop and improve accounting and financial standards for state and local governments. In June, 1999, GASB approved GASB-34, entitled Basic Financial Statements-and Managements Discussion and Analysis- for State and Local Governments. This statement establishes new requirements for the annual financial reports of state and local governments.

There are approximately six major requirements outlined in GASB-34 - one of these is "Required Supplementary Information" (RSI). Describe this requirement and discuss the changes in reporting requirements RSI now requires of state and local governments.