GASB Proposes Additional Changes to Notes to Financial Statements

The GASB has issued a revised exposure draft (ED) of a proposed concepts statement, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements — an amendment of GASB Concepts Statement No. 3. The purpose of the proposal is to “guide the Board when establishing note disclosure requirements for state and local governments.”

The GASB released the revised ED to incorporate feedback from stakeholders on the original 2020 ED. Comments on the revised ED are due by October 15, 2021.

For more information, see the press release and fact sheet on the GASB’s Web site.