Norwalk, Conn.-With citizens increasingly concerned, if not outraged, about soaring national deficits, the Governmental Accounting Standards Board has added to its agenda a project on economic condition reporting and fiscal sustainability.
GASB project manager Lisa R. Parker said that moving the project to the active agenda did not necessarily mean that the board sees a need for a standard in this area. The need will be determined as the board explores definitions of economic condition reporting and three components that the board has tentatively decided should be part of it: financial position, fiscal capacity and service capacity.
"We're really going to dissect the major issues that surround fiscal sustainability before we even begin to have any discussions around what, if anything, a standard might look like," explained Parker.
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