GASBCS

AcronymDefinition
GASBCSGovernmental Accounting Standards Board Concepts Statements
References in periodicals archive ?
Although GASBCS 1 seems to indicate that GASB has a democratic view of the intended users of state and local government financial reports, that concepts statement was published in 1987; in 2005 the GASB issued Concepts Statement 3, "Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements.
In GASBCS 1 (paragraph 63), GASB gave its position on understandability:
In 2005, GASBCS 3, paragraph 21, made users "responsible for obtaining a reasonable understanding of government and public finance activities and of the fundamentals of governmental financial reporting, for studying the messages with reasonable diligence, and for applying relevant analytical skills.