For the first time, government financial managers will present the "big picture" of its government-wide financial performance for the year and, governments that are complying with GASB 34 requirements will receive a qualified opinion from an auditor.

Your government's reports should consist of:

M.D.& A.
"Management's discussion and analysis to provide an overview of the government's financial activities. MD&A should include a comparison of the current year to the prior year and its analysis, both positive and negative, of significant changes in funds and significant budget variances..."


Financial Statements
"Financial Statements - Statement of Activities include a government-wide financial statement to include net assets and activities and a fund financial statement and notes to the financial statements...."


R.S.I.
"Required Supplementary Information (RSI) is required to report infrastructure assets and details of your rating system. (RSI is also required for those agencies using the modified approach). This demonstrates whether resources were obtained and used in accordance with the governments legally adopted budget..."


Descriptive analysis
"An easy-to-read, descriptive analysis on what issues, decisions or conditions may have a significant effect on the financial position (net assets), future services or results of operations (revenues, expenses, and other changes in net assets)..."


Reporting of Capital Assets
"Reporting of Capital Assets. (Infrastructure, land and improvements to land, easements, buildings and building improvements, vehicles, equipment, works of art and historical treasures, and all other tangible and intangible assets that are used in operations and that have initial useful lives extending beyond a single reporting period..."