To better understand the current state of local government financial reporting, ICMA engaged Northern Illinois University and its Center for Governmental Studies to explore management’s perspectives on how the various financial statements issued by GASB: 1. affect management; 2. provide a net benefit to its stakeholders; and 3. are accompanied with professional support/outreach mechanisms from entities such as GASAC (providing feedback to GASB), as well as assistance from organizations such as the GFOA and audit firms to assist preparers with understanding and implementing the changes to their year-end financial statements. This white paper focuses mainly on the following two key local government consumers who, coincidentally, are also producers of the annual financial reports: 1. city/county managers and administrators, and 2. finance officers/directors/managers.