The Governmental Accounting Standards Board is wrapping up a year in which it has been simultaneously returning to basics and promulgating specifics - both of which include projects of long-term significance to government financial operations.
The basics - two aspects of the board's conceptual framework - probe the philosophical underpinnings of standards past, present and future. The board already has heard comments on its proposal on the communication of financial information, especially through recognition in financial statements, disclosure in notes, and presentation of required and unrequired supplementary information.
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