THE PUBLIC ACCOUNTABILITY OF STATE AND LOCAL GOVERNMENT WILL BE ENHANCED WITH AN IMPROVED FINANCIAL STATEMENT CLASSIFICATION SYSTEM

摘要

Currently, governments are not required to present an aggregated amount for current assets in their financial statement of net assets. The authors believe this disclosure is essential to assess the liquidity component of a government's financial position. This article presents a case for the Governmental Accounting Standards Board (GASB) to revisit the current asset disclosure requirements.