Two proposed GASB standards look to change the face of governmental financial statements in the next few years, the Financial Reporting Model Improvements standard and the Revenue and Expense Recognition standard. CalCPA’s Governmental Accounting and Audit Committee (GAA) regularly reviews all proposed GASB Standards. The GAA is a committee of practitioners and industry professionals who are experts in the field of government accounting that periodically provides comment letters to the GASB to support, push back or seek clarification on issues that the GAA believes may be challenging for California government agencies to implement.
Read the rest of the discussion paper at the link below.
CalCPA Governmental Accounting & Audit Committee Discussion Paper