GASB Issues Preliminary Views Document on Revenue and Expense Recognition Models

The GASB has issued a preliminary views (PV) document, Revenue and Expense Recognition. The PV document provides the GASB’s “current thinking about the development of a comprehensive, principles-based model that establishes categorization, recognition, and measurement guidance applicable to a wide range of revenue and expense transactions, which, if adopted as standards, is expected to enhance the usefulness of information governments report on their revenues and expenses.”

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