It has been more than 17 years since the Governmental Accounting Standards Board, or GASB, issued its landmark Statement No. 34: Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. It’s hard to believe, but true. With the release of an invitation to comment in December 2016, GASB is again turning its attention to the government reporting model, beginning with a focus on the governmental funds. This highly anticipated reporting model project addresses several potential improvements to governmental fund reporting, and the GASB believes this project will have a significant impact on the foundation of state and local governments’ accounting and financial reporting.