Numbered Letter 2006-01

Effective Date: November 16, 2006 (Revised Date March 1, 2024)

Summary

The Governmental Accounting Standards Board (GASB) issued Statement No. 34, Basic Financial Statements-and Management’s Discussion and Analysis-for State and Local Governments, in June 1999. By this statement, MCGAA Statement No. 7 is rescinded in its entirety.

Recission of MCGAA Statement No. 7 (MCGAA Statement 13 – Revised and Renamed)

In February 2000, the Michigan Committee on Governmental Accounting and Auditing (MCGAA) published Statement No. 7 to define the required extent of the implementation of GASB No. 34 for financial reporting requirements in Michigan counties and local governments.

By this statement, MCGAA Statement No. 7 is rescinded in its entirety.

The Michigan Department of Treasury has determined that the reporting and disclosure requirements of GASB Statement No. 34 are applicable to all counties and local units of government. The State of Michigan has not established unique basic financial statement reporting requirements that would represent a departure from GASB Statement No. 34. 

The provisions of this statement are considered effective for years beginning after December 15, 2006. 

If you need further assistance, please call (517) 335-7469 or write our office:  Michigan Department of Treasury, LAFD, P.O. Box 30728, Lansing, Michigan 48909-8228 or email us at TreasLocalGov@michigan.gov.