GASB seeks feedback on idea of changing how it communicates GAAP

GASB is seeking feedback from stakeholders on whether it should consider changing the structure of how it communicates GAAP for state and local governments.

According to a news release, the objective of GASB’s pre-agenda research is to evaluate the effectiveness of its existing dual-authority structure and consider whether a single-authority structure should be pursued.

Currently, GAAP resides in two places for GASB — original pronouncements, such as GASB statements or implementation guides, and the Codification — both of which have equal authoritative status.

GASB will accept public comments on the document, The Structure for Communicating Generally Accepted Accounting Principles for State and Local Governments, through Monday, Aug. 31. Read more.