GASB Issues Exposure Draft on Concepts Related to Communication Methods | AccountingWEB

GASB Issues Exposure Draft on Concepts Related to Communication Methods

The Governmental Accounting Standards Board (GASB) has published an Exposure Draft for a proposed Statement of Governmental Accounting Concepts, Communication Methods, that would provide a conceptual basis for selecting communication methods to present items of information within general purpose external financial reports that contain basic financial statements. These communication methods would include recognition in basic financial statements, disclosure in notes to basic financial statements, presentation as required supplementary information (RSI), and presentation as supplementary information. The comment period concludes on September 30, 2004.

The proposed Concepts Statement defines the communication methods commonly used in general purpose external financial reports, and develops criteria for each communication method. The definitions and criteria should help the GASB or, in the absence of authoritative guidance, a preparer of a financial report determine the appropriate methods to use to communicate an item of information. Using a consistent approach in the selection of communication methods should benefit users in understanding the location and nature of information in financial reports.

The Exposure Draft may be ordered by telephoning the GASB Order Department at 800-748-0659.

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