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Concepts Statements – Concepts Statement No. 2
In 1994, after extensive research on SEA, the GASB issued Concepts Statement No. 2, Service Efforts and Accomplishments Reporting. This Statement provided the opportunity to elaborate on accountability in government and the importance of reporting SEA performance information as part of general purpose external financial reporting (GPEFR). The Board stated that SEA performance information is necessary for assessing accountability and in making informed decisions: “Therefore, to be more complete, general purpose external financial reporting needs to include service efforts and accomplishments information.”
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