National Council on Government Accounting Statement No. 44...

Financial statements of any type of entity (governmental or business) must be comparable from one accounting period to another. In any type of industry it is necessary to adopt accounting principles that best reflect the entity’s respective practice. Changes in accounting principles are often required to improve reliability and relevance of the financial statements. Financial statements of an entity must be presented consistently with other entities that are involved in the same line of practice. Ultimately, this allows users of the financial statements to interpret the performance and position of the entity in comparison to those in the same practice. Governmental reporting is no different than the reporting of the private sector in the aspect of the continual search for improvement in the comparability of financials. As stated above, the more streamlined financial statements are within a sector allows for better performance measures and can provide access to fair financial r eporting. In seeking enhanced reporting the Governmental Accounting Standards Board (GASB) issued Statement No. 44 as an amendment to the statistical section portion of the National Council on Governmental Accounting (NCGA) Statement 1, Governmental Accounting and Financial Reporting Principles. In this study I focus on three main aspects. First, I define the downfalls of NCGA Statement 1 within the statistical section of the financial statements and the origin of GASB Statement 44. I will also give aShow MoreRelatedDifferent Sources of Regulation for Financial Statements in Ireland9839 Words   |  40 Pagessomebody for general information. Outline the different sources of regulation of financial statements in Ireland. 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