WHAT IS GASB 34 In June 1999, the Governmental Accounting Standards Board (GASB) mdash;which sets ldquo;generally accepted accounting principles rdquo; (financial reporting rules) for all state and local governments mdash;adopted the most sweeping changes in financial reporting in its history. Known as Statement No. 34: Basic Financial Statements mdash;and Management rsquo;s Discussion and Analysis mdash;for State and Local Governments, this represents a fundamental revision of the ...