Implication of gasb statement no. 34 for reporting and accountability: the georgia experience

Financial reporting is the cornerstone of financial management. In 1999, the Governmental Accounting Standards Board (GASB) ratified unanimously GASB Statement No. 34. In this paper, using the Georgia Comprehensive Annual Financial Report (CAFR) and interviews with practitioners, we examine the implication of GASB 34 for the linkage between reporting and accountability. The research findings show that Statement 34 introduces significant impacts on reporting. However, its implications for accountability and better financial management are yet to be as significant as hoped.