During the December 2016 holiday break, the Governmental Accounting Standards Board released its landmark Invitation to Comment, Financial Reporting Model Improvements – Governmental Funds. This is the first document in a project to reexamine the financial reporting model for Governmental Funds. In an online video GASB Chair Dave Vaudt previews the Invitation to Comment, and discusses what’s coming up and how you can get involved. The deadline for submitting written documents is March 31, 2017.
The purpose for the Invitation to Comment is to obtain stakeholder feedback on potential improvements to the existing financial reporting model for governmental funds. These potential improvements include:
- Recognition approaches (measurement focus and basis of accounting)
- Format of the governmental funds statement of resource flows
- Specific terminology
- Reconciliation to the government-wide statements
- For certain recognition approaches, a statement of cash flows.
The project will have a significant future impact on state and local governments’ accounting and financial reporting. Based upon its state-wide scale of operations, the Texas public school system comprises one of the largest of all public-sector stakeholder groups in the nation that will be ultimately impacted by the reporting model improvement project. Your feedback will be critical in shaping future standards for financial accountability to local public school taxpayers, local public school leadership and other constituents, in addition to leaders at the state level.
To access the GASB Invitation to Comment, Financial Reporting Model Improvements – Governmental Funds, click on the link below.
http://gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1175804830991
Other Opportunities to be Involved
In addition to submitting written comments on the Invitation to Comment Public there will be other opportunities to be involved, including hearings and user forums.
Hearings are scheduled as follows:
- April 28, 2017, at the Georgia State Accounting Office, 200 Piedmont Avenue, SE, West Tower, Room 1514, Atlanta, GA, beginning at 8:30 a.m. local time.
- May 3, 2017, at the Four Points by Sheraton DFW Airport North, 1580 Point West Boulevard, Coppell, TX, beginning at 8:30 a.m. local time.
- May 11, 2017, at the Embassy Suites SFO Airport-Waterfront, 150 Anza Boulevard, Burlingame, CA, beginning at 8:30 a.m. local time.
- May 21, 2017, at the Hyatt Regency Denver at Colorado Convention Center, 650 15th Street, Denver, CO, 8:00 a.m. to 1:30 p.m. local time (in conjunction with the annual conference of the Government Finance Officers Association).
- May 24, 2017, at the Financial Accounting Foundation offices, 401 Merritt 7, 5 th Floor, Norwalk, CT, beginning at 8:30 a.m. local time.
User forums are scheduled as follows:
- April 27, 2017, at the Sheraton LaGuardia East, 135-20 39th Avenue, Flushing, NY, 9:00 a.m. to 12:00 p.m. local time. ·
- May 12, 2017, at the Embassy Suites SFO Airport-Waterfront, 150 Anza Boulevard, Burlingame, CA, 8:30 to 11:30 a.m. local time.
- May 18, 2017, at the Mandarin Oriental Washington, 1330 Maryland Avenue, SW, Washington, DC, 1:00 to 4:00 p.m. local time (in conjunction with the annual conference of the National Federation of Municipal Analysts).