are required to review the financial statements and to ensure that they are being prepared in accordance with generally accepted accounting principles (GAAP).
This proposal is a great improvement that will provide more information to the preparers, attestors
and users of the financial statements.
The GFOA's policy statement on MFBA explains that the financial reporting project needs to be completed prior to implementing the new MFBA "so that preparers, attestors
, governmental officials and other users have an opportunity to know not only how, but why, financial statements are henceforth to be presented in this manner.
Members of the GASAC are chosen from a broad cross section of the GASB's state and local government constituencies, including preparers, attestors
, and users of financial information.
The guide was developed specifically to aid financial statement preparers and attestors
in implementing and applying Statement no.