"Financial reports are intended to meet the needs of decision makers. Accordingly, timeliness was identified as one of the characteristics of information in financial reporting in Concepts Statement No. 1 of the Governmental Accounting Standards Board (GASB), Objectives of Financial Reporting. To accomplish this objective, financial reports must be available in time to inform decision making. Therefore, financial reports should be published as soon as possible after the end of the reporting period."
Read the full article on: Government Finance Officers Association