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James R. Fountain

AGA Audio Conference. Update on GASB’s Service Efforts and Accomplishments (SEA) Project. August 8, 2007. James R. Fountain. The views expressed in this presentation are those of Mr. Fountain. Official positions of the GASB are determined only after extensive due process and deliberation.

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James R. Fountain

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  1. AGA Audio Conference Update on GASB’s Service Efforts and Accomplishments (SEA) Project August 8, 2007 James R. Fountain

  2. The views expressed in this presentation are those of Mr. Fountain. Official positions of the GASB are determined only after extensive due process and deliberation.

  3. GASB’s Current SEA Project • On November 28th, FAF Trustees reaffirmed that GASB has the jurisdictional authority to include Service Efforts and Accomplishments in its financial accounting and reporting standards setting activities for state and local governmental entities. • On December 1, staff presented the results of our Phase VI SEA research to the Board. • On January 11, 2007, the GASB held a roundtable meeting on SEA reporting in Washington, DC. • On February 23, the GASAC and GASB discussed a draft project prospectus for the SEA project. • On May 3, the GASB Board added to it’s active agenda a project that will provide suggest guidance on SEA Performance Reporting and provide a limited-scope update of Concepts Statement 2 • At their August meeting the GASB Board will begin its deliberation

  4. Phase VI –Research Findings • Suggested Criteria are being used • Suggested Criteria are perceived as valuable in the preparation of SEA performance reports • GASB’s continued involvement in SEA reporting is important • SEA use and reporting is of growing interest to state and local governments and their citizens Research report to be made available on www.seagov.org once project is on Board’s active agenda.

  5. Research Findings

  6. Research Findings

  7. Research Findings

  8. Research Findings

  9. Research Findings

  10. Research FindingsPhone Survey

  11. Research FindingsPhone Survey

  12. Suggested Guidelines and Voluntary ReportingandLimited Update of GASB Concepts Statement 2

  13. Project Objectives • Develop and propose principles-basedsuggestedguidelines that would help improve the voluntaryreporting of SEA performance information. • Amend appropriate paragraphs of GASB Concepts Statement 2 based on information and knowledge obtained through GASB’s staff and other research on service efforts and accomplishments (SEA) reporting. • Encourage more state and local governments to voluntary report such information.

  14. Proposed Project Timetable • Update of Concepts Statement 2 • Exposure Draft of Concepts Statement 2 Update—Feb 2008 • Public Hearing(s) On Exposure Draft– June 2008 • Issuance of Updated Concepts Statement 2—Dec 2008

  15. Proposed Project Timetable • Suggested Guidelines for Voluntary Reporting • Due process document—Invitation to Comment or Preliminary Views—Feb 2008 • Public Hearing(s)—June 2008 • Phase II—to be determined after analysis of feedback on the due process document

  16. Board and GASAC Discussion ofProject Prospectus • GASAC—Governmental Accounting Standards Advisory Committee • Generally positive about the project but some opposition • Concerns • Board • Make clear project is aimed toward suggested guidelines for voluntary reporting • Careful selected update of Concepts Statement 2

  17. What is Happening Now • Continue to dialog with those entities concerned about the project, as well as others • Finalize SEA Task Force • Board has begun deliberation of CS 2 Update and Principle-based suggested guidelines for voluntary reporting.

  18. What is Happening Now • Concepts Statement 2 Update—examples • Purpose and scope section • Change “standards’ to “guidance” • Change “establish requirements” to “provide guidance” • Exclude identification of goals and objectives or measures or indicators of performance from GASB scope

  19. What is Happening Now • Principle-based suggested guidelines for voluntary reporting • Start with 16 suggested criteria from special report and 6 characteristics financial information should possess • Identify a set of high-level principles that should be met • Identify a potential set of suggested guidelines—hopefully not more than 6 or 7 • Suggested guidelines should be related to the 6 characteristics

  20. What is Happening Now • Six Characteristics • Relevance • Understandability • Comparability • Timeliness • Consistency • Reliability

  21. What is Happening Now • Suggested Criteria from Special Report • Purpose and scope • Statement of major goals and objectives • Involvement in establishing goals and objectives • Multiple levels of reporting • Analysis of results and challenges • Focus on key measures • Reliable information

  22. What is Happening Now • Suggested Criteria from Special Report—(cont.) • Relevant information of results • Resource used efficiency • Citizen and customer perceptions • Comparisons for assessing performance • Factors affecting results • Aggregation and dissaggregation • Consistency

  23. What is Happening Now • Suggested Criteria from Special Report—(cont.) • Easy to find, access, and understand • Regular and timely reporting

  24. UI/NLC Project on Legislating for Results • Joint project of Urban Institute and National League of Cities • Developing training materials to help elected officials learn how to obtain and use performance information • Series of Action Briefs (12 areas) with Issues and specific action can be taken • Tests of materials is progressing now

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