GASB proposes targeted improvements, new concepts
GASB issued separate proposals Friday that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.
In one “preliminary views” document, Financial Reporting Model Improvements, GASB presents proposals for improvements to the financial reporting model. The proposals aim to make the model more effective in providing information necessary for decision-making and assessing a government’s accountability.
The document considers improvements in selected areas of the existing financial reporting model; a subsequent proposal will address enhancement of other areas of the model.. Read more on the Journal of Accountancy.