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In June 1999, the Governmental Accounting Standards Board (GASB) issued Statement No. 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments. It has been called the most important single change in the history of accounting and financial reporting for state and local governments. Statement 34 establishes new financial reporting standards for state and local governments throughout the United States. The fiscal year that ended December 31, 2004, will bring the completion of the third and final phase of the initial implementation of GASB 34. Since the issuance of GASB 34 there have been additional accounting pronouncements issued by the Governmental Accounting Standards Board. On these web pages, in addition to maintaining some of the GASB 34 implementation tools, we will try to identify those significant accounting issues that will affect Minnesota local governments.

GASB's 34 Information (this link will take you out of the MN Office of the State Auditor Web site)

What's New - Features new governmental accounting information

Implementation Tools - Implementation tools for local governments

Effective Dates of Current Accounting Pronouncements – Upcoming accounting statements and their effective dates

Effective Date of GASB 34 and Transition Provisions

The initial requirements of Statement 34 are currently effective for all state and local governments. GASB 34 allowed governments another 4 years to implement the retroactive reporting of infrastructure capital assets. If a government elected that option, the retroactive infrastructure reporting would become effective:

  • Governments with total annual revenues of $100 million or more would be required to apply the retroactive requirement beginning with fiscal years ending after June 15, 2006.
  • Governments with total annual revenues of $10 million or more, but less than $100 million, would be required to apply the retroactive requirement beginning with fiscal years ending after June 15, 2007.
  • Governments with total annual revenues below $10 million are not required to implement retroactive requirement, but if they elected to would apply the requirement beginning with fiscal years ending after June 15, 2008.
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