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Business and Policy Areas
Business and Policy Areas

GASB Needs Your Feedback on Financial Statement Preparation

October 5, 2015

The Governmental Accounting Standards Board (GASB) has launched an ambitious survey of financial statement preparers as the next phase of its research on financial reporting timeliness. This survey will be immediately important to the Board if it decides to add a current agenda project that considers amendments to Statement No. 34.

The primary purpose of the survey is to gather information about activities that governments engage in when preparing and publishing audited financial statements in conformity with Generally Accepted Accounting Principles (GAAP). The survey seeks information on preparation activities—when they take place and the number of technical staff hours involved. The survey must be completed by December 15.

Though, as the extended survey completion time indicates, the information requested is intricate, the details sought should be top of mind and require less time to complete, since the vast majority of public colleges and universities have either just released or are close to releasing FY15 audited financial statements.

The survey addresses fundamental issues that may be relevant to all accounting and financial reporting standards. The information collected will be highly valuable to GASB in evaluating the costs and benefits associated with conforming to GAAP and the effect on the timeliness of issuing GAAP financial reports. Because the data sought is critical to GASB's technical agenda, it is important for higher education institutions to participate.

To assist you in completing the survey, GASB staff will be available to answer questions throughout the survey period. The staff also will be conducting a telephone conference call on Thursday, October 8, at 4 pm ET. Please email GASB if you wish to participate. A recording of the teleconference will be available if you cannot attend.

Any information collected through this survey will be kept confidential and will not be shared with anyone outside of GASB or the Financial Accounting Foundation. Any public dissemination of the results of this survey will be anonymous and in a manner that does not allow the identification of any specific public institution.


Sue Menditto
Director, Accounting Policy