GOVERNMENT.

The article reports on an exposure draft that was issued by the U.S. Governmental Accounting Standards Board (GASB) in March 2011, titled Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. The draft focuses on the improvement of financial reporting by minimizing uncertainty involving financial statement presentation of deferrals and their impact on the net position of the U.S. government. The draft aims to amend the requirements of GASB Statement number 34 titled Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments.