Year when the Governmental Accounting Standards Board (GASB) announced plans to make basic changes in the reporting model.Select one:a.1997b.1998c.1984d.1986
Question
Year when the Governmental Accounting Standards Board (GASB) announced plans to make basic changes in the reporting model.
Select one:
- a. 1997
- b. 1998
- c. 1984
- d. 1986
Solution
The Governmental Accounting Standards Board (GASB) announced plans to make basic changes in the reporting model in 1998. This move was aimed at enhancing the clarity and comprehensiveness of financial reporting in the public sector. The changes introduced were intended to improve the usefulness of financial statements for decision-making by users, including government officials and the public. GASB's efforts in this area reflect an ongoing commitment to promote transparency and accountability in governmental financial reporting. Therefore, the correct answer to the question is:
Final Answer
b. 1998
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