GASB gives preliminary views on leases, fiduciary responsibilities
Changes may be coming for state and local governments in financial reporting for leases and for the reporting of activities in which they have a fiduciary responsibility.
GASB on Thursday issued separate “Preliminary Views” documents on the subjects and is seeking public comment on each.
The Leases document includes proposals addressing accounting and financial reporting for lessees and lessors and is based on the principle that all leases are financings of the right to use an underlying asset. Read more on the Journal of Accountancy.