GASB Proposes Concepts Statement on Recognition of Financial Statement Elements

The GASB has issued an exposure draft (ED) of a proposed concepts statement, Recognition of Elements of Financial Statements. The ED proposes a “framework of interrelated objectives and fundamental principles that can be used by the Board to establish consistent accounting and financial reporting principles for recognition of elements of financial statements.”

Comments on the ED are due by February 26, 2021. For more information, see the press release on the GASB’s Web site.