GASB issued guidance Monday, June 13, designed to improve the accounting and financial reporting requirements for accounting changes and error corrections.
GASB Statement No. 100 offers guidance that leads to information that is more understandable and reliable, relevant, consistent and comparable across governments for making decisions and assessing accountability.
Established in the 1970s, the previous requirements for state and local government financial reporting on accounting changes and error corrections needed an update. See the new guidance.