What does GASB refer to when it discusses performance measures in external financial reporting?

GASB, the Governmental Accounting Standards Board, refers to "Service efforts and accomplishments" when discussing performance measures in external financial reporting. This focus emphasizes the importance of providing information about how resources are utilized and the outcomes achieved in public sector organizations.

By measuring and reporting on service efforts and accomplishments, governmental entities can demonstrate their efficiency and effectiveness in delivering services. This approach not only aids stakeholders, including taxpayers and governing bodies, in understanding the value obtained from public resources but also enhances accountability and transparency in government operations.

Using service efforts and accomplishments as a performance measure allows entities to go beyond traditional financial metrics, thereby offering a more comprehensive view of their actual performance and how well they meet community needs and expectations. This focus aligns with GASB's mission to improve the clarity and usefulness of financial reporting in terms of public service delivery.