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GASB 34 will not affect Moody's credit rating. (News & Numbers).
Moody's Investors Service says the implementation of GASB Statement No. 34 will not alter its approach to public finance credit analysis, nor will it directly result in rating changes.
The Governmental Accounting Standards Board issued Statement No. 34 in June 1999, mandating sweeping changes in the presentation and contents of government financial statements. Among other noteworthy changes, Statement 34 requires the presentation of government-wide financial statements on a full-accrual basis.
Although it will change the format, clarity, and questions raised by the information presented, the factors considered when analyzing municipal credit will not change. Moody's expects little or no rating impact from implementation of GASB 34.
"However, this is not to say that GASB 34 will have no impact," says Moody's Assistant Vice President julie Beglin. "In fact, GASB 34 is a watershed event in governmental accounting and it will provide Moody's analysts with clearer, more detailed information."
An example of how GASB 34 will provide better information is that now the Management Discussion and Analysis section will discuss current-year results and compare them to prior-year results, possibly raising questions on areas that analysts will pursue further during in-person meetings or conference calls with officials. The new statements will also give credit analysts a clearer bottom-line evaluation of overall government operations and improved trend ...
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