The board of trustees of the Financial Accounting Foundation, which oversees the Governmental Accounting Standards Board, issued a proposal Tuesday to alter GASB's consultation process with the trustees on what kind of “financial accounting and reporting information” is within the scope of GASB’s standard-setting mission, and released the results of its latest post-implementation review of GASB standards.
The proposal, “GASB Scope of Authority: Consultation Process–Revised Proposal,” outlines a revised process under which GASB would consult with the FAF trustees’ Standard-Setting Process Oversight Committee to determine whether certain information that the GASB might consider for standard-setting activity is “financial accounting and reporting information” within the scope of GASB’s standard-setting mission. The proposal would clarify the characteristics of the information that GASB could incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.
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