When the Berlin Wall came down and while people were singing to Madonna’s “Like a Prayer,” the Governmental Accounting Standard Board (GASB), in its fifth year of existence, approved Statement No. 9 on cash flow reporting of proprietary funds and governmental entities that use proprietary fund accounting. While much has changed in the international and social environments, as well as in the world of governmental accounting, very little has changed regarding cash flow reporting. There continues to be no indications of major changes on the horizon. The challenge is that minimal authoritative guidance has been developed to specifically address newer transactions, such as how pensions, asset retirement obligations, and lease activity fit into the existing structure of the statement of cash flows. The consensus appears to be that Statement No. 9’s guidance stands strong and sufficient, as is.

• Publication date: August 2023
• Author: Susannah Filipovic