United States

Financial reporting model improvements – Governmental funds

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board recently issued an Invitation to Comment, Financial Reporting Model Improvements – Governmental Funds. The Invitation to Comment was issued 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 deadline for submitting written comments is March 31, 2017.