Is the NJ Department of Education (NJDOE) providing training to districts on GASB No. 34, similar to the GAAP training provided in 1993?
A. The transition to GAAP involved major changes at the transaction level of accounting. GASB No. 34 is a statement that primarily affects end-of-year financial reporting. For that reason, the NJ Department of Education plans to provide training on aspects that are specific to New Jersey school districts in April or May 2002, when The Audit Program is released. The NJDOE recommends that district staff gain an understanding of the impact of GASB No. 34 on their district’s financial statements prior to that training. There are many opportunities to acquire training on GASB No. 34 through professional organizations.
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