Overview of The New Blue Book: GAAFR 2001.(Governmental Accounting Standards Board's new Blue Book)

GAAFR 2001--the new Blue Book--is a definitive guidance masterpiece. This 680-page multi-purpose all-in-one book of timely, understandable, comprehensive, and practical guidance is the "must have" book for governmental accounting, reporting, and auditing professionals. This article reviews the new Blue Book and highlights sections of particular interest to practitioners.

It is likely that your office library is already stocked with up-to-date Governmental Accounting Standards Board (GASB) [1] guidance--including the latest Codification and Original Pronouncements volumes--as well as several contemporary governmental accounting textbooks. So why should a busy government finance officer, auditor, or consultant purchase yet another governmental accounting, financial reporting, and auditing book?

Governmental Accounting, Auditing, and Financial Reporting: Using the GASB Statement No. 34 Model [2] is not "just another book." To the contrary, GAAFR 2001--the new Blue Book--is a definitive guidance masterpiece. This 680-page multi-purpose, all-in-one book of timely, concise, understandable, comprehensive, and practical guidance--what to do and how to do it--is the must have book for governmental accounting, reporting, and auditing practitioners.

What makes the new Blue Book so special? Consider the structure and content--which are summarized in Exhibit 1. Even a cursory review of Exhibit 1 indicates some of the new Blue Book's features. For example, it is:

* comprehensive--and includes guidance on budgeting, budgetary reporting, internal controls, and auditing as well as on governmental accounting and financial reporting;

* illustrative-including a series of illustrative examples, a glossary, and summary appendices;

* accessible--because it has both a comprehensive general index to its contents, including journal entries and financial statements and a detailed table of contents; and