GASB Releases Concepts Exposure Draft on Communication Methods

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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).