Article

GASB Hearing on Notes to Financial Statement Exposure Draft

June 26, 2020

On June 18, 2020, the Governmental Accounting Standards Board (“GASB”) has scheduled a July 28 virtual public hearing on its Exposure Draft of a proposed Concepts Statement. The public hearing will take place by videoconference.

This Exposure Draft, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, would enhance the guidance the Board follows when it establishes note disclosure requirements for state and local governments. The proposals set forth in the Exposure Draft would replace, in the GASB’s existing conceptual framework, the criteria for disclosing information in notes to financial statements.

Stakeholders are encouraged to review the Exposure Draft document and provide comments by June 30 (extended from April 17, 2020, due to the ongoing pandemic). Additional information is available in the Exposure Draft on the GASB’s website.