GASB released a fact sheet to explain its project to develop service efforts and accomplishments (SEA) reporting by governments. According to the GASB release, Basic Facts about Service Efforts and Accomplishments Reporting, the public reporting of key service performance indicators provides decision-useful information about the government’s actual accomplishments in pursuit of its goals and objectives. (Read the fact sheet here.)
The board says SEA performance information is necessary to explain the efficiency and effectiveness of government services. The Financial Accounting Foundation, which oversees GASB and FASB, declared in November 2006 that SEA reporting should be included within “general purpose financial reporting.”
GASB is reviewing public comments received on a proposed update to Concepts Statement no. 2, Service Efforts and Accomplishments Reporting. More information on the SEA reporting project is available at www.gasb.org and www.seagov.org.