The Governmental Accounting Standards Board has issued a concepts statement that will guide GASB in establishing accounting and financial reporting standards for U.S. state and local governments regarding the measurement of assets and liabilities.
Concepts Statement No. 6, Measurement of Elements of Financial Statements, augments the framework that GASB uses to promote consistency in setting accounting and financial reporting standards and is primarily intended for the board’s use. The new concepts also could benefit preparers and auditors of financial statements when evaluating transactions for which there are no existing standards.
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