GASB Issues Proposed Concepts Statement on Disclosures in Notes to Financial Statements

The GASB has issued an 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. The proposed Concepts Statement “would provide enhanced guidance to the Board when it establishes note disclosure requirements for state and local governments.”

Comments on the ED are due by April 17, 2020. For more information, see the press release on the GASB’s Web site.