Are all New Jersey school districts required to implement GASB 34?
Yes. GASB is the acronym for the Governmental Accounting Standards Board. The board issued statement No. 34 in June of 1999. Statement No. 34 is in accordance with GASB s mission to “establish and improve standards of state and local government accounting and financial reporting that will result in useful information for users of financial reports and guide and educate the public, including issuers, auditors, and users of those financial reports.” www.GASB.org Why is GASB 34 important to my school district? GASB No. 34 is a required financial reporting model for all New Jersey school districts. Financial reporting under GASB 34 will more closely resemble traditional commercial business financial reporting. The result is that potential users of your district s financial statements will find your Comprehensive Annual Financial Report (CAFR) more meaningful. GASB No. 34 includes a requirement that district finance personnel prepare a Management s Discussion and Analysis (MD&A) as part of
