GASB 34 Definition

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GASB 34 is Government Accounting Standards Board Statement 34. GASB 34 provides the broadest changes in government accounting practices since the inception of Generally Accepted Accounting Practice (GAAP) for governmental agencies dating back to the 1930s. The principal change that GASB 34 requires of government entities is the reporting of the value of capital assets on Consolidated Annual Financial Reports (CAFR).

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AUDITING STANDARDS provide minimum guidance for the auditor that helps determine the extent of audit steps and procedures that should be applied to fulfill the audit objective. They are the criteria or yardsticks against which the quality of the audit results are evaluated.

STATUTORY LAW is law enacted by the legislative branch of government, as distinguished from case law or common law.

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