GASB Proposes Amendments to Guidance on Accounting Changes and Error Corrections

The GASB has issued an exposure draft (ED), Accounting Changes and Error Corrections, that would amend Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The purpose of the proposed guidance would be to “lead to information that is easier to understand, more reliable, relevant, consistent, and comparable across governments for making decisions and assessing accountability.” Comments on the ED are due by August 31, 2021.

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