GASB proposed Wednesday, June 1, a concepts statement addressing recognition of financial statement elements as well as a call for feedback on preliminary views on revenue and expense recognition model proposals.
The proposed concepts statement on recognition of financial statement elements calls for a framework of interrelated objectives and fundamental principles that GASB can use to establish consistent accounting and financial reporting principles for recognition of elements of financial statements.
Although concepts statements are primarily designed to guide GASB in establishing standards, they are also used by preparers and auditors for assessment when GASB does not provide authoritative guidance.
FASB will accept comments on the proposed concepts statement until Feb. 26.