The Government Accounting Standards Board (GASB) recently issued an Invitation to Comment (ITC) on the financial reporting model. An ITC is a document issued by GASB staff prior to Preliminary Views or Exposure Drafts to solicit input from stakeholders in the early stages of a project. It provides an opportunity to influence the direction of the Board’s deliberations.
The scope of the financial reporting model project includes a reexamination of GASB Statements 34, 35, 37, 41 and 46 as well as Interpretation 6, and has potential to significantly change the landscape of governmental financial reporting. While this project is expected to continue for many years and consider various topics, this ITC specifically addresses the financial reporting of governmental funds.
The ITC invites readers to respond to various questions on each of these subjects. Due to the significance of this project, GASB is actively encouraging governments to read and consider responding to the ITC. The ITC is located on gasb.org. Comments are due by March 31, 2017.