GASB Releases Concepts Exposure Draft on Communication Methods
August 25, 2004
GASB released an exposure draft of a concepts statement addressing communication methods. Concepts statements are not accounting standards to which preparers must adhere when issuing financial statements. Instead, taken as a whole, concepts statements form the framework used by GASB when developing accounting standards.
This draft addresses the relationship between various methods used to communicate financial information. It distinguishes between four methods: recognition in the basic financial statements, disclosure in the notes to basic financial statements, presentation as required supplementary information, and presentation as supplementary information. The statement establishes the criteria to be used to determine the appropriate method for reporting information in financial statements.
The ED can be downloaded from the GASB Web site. Responses to the draft are due by September 30.
For further information contact Sue Menditto (202.861.2542).
- Comments on Form 1098-T Reporting Due Soon
- New ITIN Procedures For Certifying Acceptance Agents and International Students
- Higher Education Community Offers Comments on Web Accessibility Proposal
- 2016 Intermediate Accounting and Reporting Fall
October 24-25, 2016
- ON-DEMAND: The CBO's Role in Diversity and Inclusion on Campus
- ON-DEMAND: The Clery Act: Strategic Planning to Mitigate Institutional Risk
- ON-DEMAND: Title IX: Key Issues Surrounding Institutional Compliance
- ON-DEMAND: NACUBO Live! Higher Education Accounting Forum
- ON-DEMAND: Responsibility Center Management: Two Different Perspectives