GASB’s Invitation to Comment – Major Changes Proposed to Governmental Funds

In December 2016, the GASB approved the issuance of an Invitation to Comment on the Financial Reporting Model Improvements—Governmental Funds. The ITC includes three proposed approaches to the recognition of elements of financial statements and presentation for governmental fund financial statements. This course provided an overview of each of the approaches and well as a discussion of some of the pros and cons of each approach.