The Governmental Accounting Standards Board has proposed transferring guidance from the American Institute of CPAs' auditing literature into its own literature for state and local government accountants.
GASB is seeking comments on two new exposure drafts that are intended to make it easier for preparers of state and local government financial statements to identify and apply guidance on related-party transactions, going-concern considerations, subsequent events, and the generally accepted accounting principles hierarchy for state and local governments.
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