GASB has proposed major changes to the concept statements for recognition. The proposal further develops the concept of the short-term financial resources measurement focus. It makes changes to these concepts from the prior preliminary views document.
Comments are due Feb. 26, 2021. Address comments to the Director of Research and Technical Activities, Project No. 3-20, and email to director@gasb.org.
GASB Exposure Draft – “Recognition of Elements of Financial Statements”: https://gasb.org/cs/Satellite?c=Document_C&cid=1176174822546&pagename=GASB%2FDocument_C%2FDocumentPage
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With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
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