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GASB Takes Detailed Look at Financial Reporting

The Governmental Accounting Standards Board (“GASB”) is currently working on or performing research concerning three projects to improve financial reporting for governmental entities. Two of the interrelated efforts, Financial Reporting Model Reexamination and Revenue and Expense Recognition, are currently on the GASB’s technical agenda. The third project, the Note Disclosures Reexamination, was added to the GASB’s pre-agenda research. The GASB timed each project in a staggered way to work on them in unison to be issued successively and in a timely manner. More on the financial reporting projects is available on GASB.org.

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GASB Announces New Task Force

The Governmental Accounting Standards Board (“GASB”) has announced the formation of a revenue and expense recognition task force. Appointed by Chairman David Vaudt, the 23-person task force will create an application model for reporting revenues and expenses occurring from non-exchange, exchange, and exchange-like transactions. A complete list of the revenue and expense recognition task force members is available on GASB.org.

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