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FASAB releases standard for accounting and reporting of federal land
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Countdown to Lease Accounting Compliance: Top five lessons learned from FASB and GASB implementations
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University of Illinois Chicago names new head of government finance research center
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Let s embrace a rare opportunity for government transparency
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The Governmental Accounting Standards Board released a proposed concepts statement to guide GASB when establishing note disclosure requirements for state and local governments.
The proposal is part of GASB’s response to its research reexamining the existing note disclosure requirements. The proposed concepts mainly aim to provide GASB with criteria to consistently evaluate notes to financial statements in the standards-setting process. They also could help constituents understand the fundamental concepts underlying future GASB pronouncements.
The revised exposure draft,
Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements, proposes concepts relating to the purpose of notes to financial statements, the intended users of note disclosures, the types of information that should be disclosed in notes, and the types of information that aren’t appropriate for note disclosures.