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GASB issues two preliminary views documents

  • GASB document Image

Sep 28, 2018

The GASB has issued for public comment preliminary views documents on (1) improvements to the financial reporting model and (2) recognition of elements in financial statements.

Preliminary views on improvements to the financial reporting model

This document would improve the effectiveness of the financial reporting model by “providing information essential to decision making and assessing a government’s accountability.” The Board plans to issue a subsequent proposal that would enhance other aspects of the financial reporting model.

Preliminary views on recognition of elements in financial statements

This document proposes (1) “that an item being considered for recognition in financial statements would be evaluated using a hierarchy for recognition of elements” and (2) “a recognition framework for both short-term financial resources measurement focus . . . and the economic resources measurement focus.”

Next steps

Comments on both preliminary views documents are due by February 15, 2019. In addition, the GASB will hold public hearings and user forums on the preliminary views in March 2019. See the press release on the GASB’s Web site for more information.

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