Implications of GASB's New Reporting Model for Municipal Bond Analysts and Managers

Abstract

This article explores the implications of the new Government Accounting Standards Board (GASB) Statement No. 34 reporting model for municipal bond analysts and managers. Bond analysts and state and local government managers have overlapping objectives for the use of governmental financial information, but managers also face the costly task of implementing the new model. The new and improved financial information provided by the new reporting model will permit users of the information to better understand a government's long‐term and short‐term financial position and changes in financial position. The new model also has important ramifications for evaluating performance, particularly regarding the reporting of net costs for each program or function.

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