Financial Facts

February 16, 2018

GASB issued an Invitation to Comment to seek feedback to assist its efforts to develop a revenue and expense recognition model for state and local government accounting. The objectives for the model are:

  • To create a more robust framework to address a wide range of transactions.
  • To improve the comparability of how transactions are accounted for and reported by governments.
  • To provide more useful information to users of financial reports.

Two potential models are discussed in the invitation. An exchange/nonexchange model would include a classification process based on the existing definition for exchange transactions. The other would be a performance obligation/no performance obligation model to include a tentative definition of a performance obligation. Comments can be emailed to director@gasb.org. Public hearings are scheduled for May.

VACo Contact: Vicky Steinruck, CPA

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