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In: Accounting

discuss service efforts and accomplishments reporting is and GASB's role?

discuss service efforts and accomplishments reporting is and GASB's role?

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Expert Solution

Service efforts and accomplishments (SEA) reporting:

Service efforts and accomplishments (SEA) reporting is an activity measurement reporting. SEA reporting is generally used to provide information related to the service provided by the government and the effect of service. The user of SEA reporting can assess the efficiency of the government’s activity and measure the activities provided by the government and conclude whether the government has achived its promised agendas or not. It is useful for the citizens, opposite political parties and governing party to asses s the performance of the current government by considering the service provided by them.

GASB role in SEA reporting:

GASB is researching for more than 20 years to make the SEA reporting a more effective tool for evaluating government activities. GASB conuducted nation-level surveys (local and state governments), collected cash studies of relevant areas, provided citizen debates. It has issued and published a staff report about the factors for effective communication of SEA reporting. Following are the two main objectives of GASB concerning SEA reporting:

  • It is required to update GASB Concepts Statement No. 2. It would provide information about the learnings from the GASB research.

  • It provides suggested guidelines to the government that opts for voluntarily report on its SEA performance.

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