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.

Public comments are being accepted through Aug. 31 on The Structure for Communicating Generally Accepted Accounting Principles for State and Local Governments, a staff document designed to elicit feedback at a relatively early stage, before GASB has reached consensus.

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.

Some stakeholders, according to the release, previously have suggested that GASB move to a single source of GAAP, similar to the approach that FASB employs.

— To comment on this article or to suggest an idea for another article, contact Bryan Strickland at Bryan.Strickland@aicpa-cima.com.