GASB Amends Guidance on Accounting Changes and Error Corrections

The GASB has issued Statement No. 100, Accounting Changes and Error Corrections, which would amend Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The standard provides “guidance designed to lead to information that is easier to understand and more reliable, relevant, consistent, and comparable across governments for making decisions and assessing accountability.”

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