GASB Issues Guidance on Disclosures in Notes to Financial Statements

The GASB has issued Concepts Statement No. 7, 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 new Concepts Statement is intended to (1) “provide the GASB with criteria to consistently evaluate future requirements for notes to financial statements in the standards-setting process” and (2) “help stakeholders to understand the fundamental concepts underlying note disclosure requirements contained in future GASB pronouncements.”

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