The Financial Accounting Foundation’s Board of Trustees, who oversee the Governmental Accounting  Standards Board and the Financial Accounting Standards Board, has adopted a new policy clarifying the characteristics of the information that GASB can incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

The new policy, described in GASB Scope of Authority: Consultation Process Policy, which was issued Tuesday, is effective immediately, and key elements of the new policy will be included in the GASB’s Rules of Procedure.

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