GASB Issues Exposure Draft on Service Efforts and Accomplishments
April 17, 2008
On April 4, the GASB issued an exposure draft (ED) of proposed changes to Concepts Statement No. 2, Service Efforts and Accomplishments (SEA) Reporting. The purpose is to update the concept statement to reflect the knowledge gathered by the GASB through research and monitoring conducted during the 14 years since the original statement was issued. The proposed changes would clarify the role of the GASB in service efforts and accomplishments reporting.
The ED proposes to modify four sections of Concepts Statement 2 (Purpose and Scope, The Elements of SEA Reporting, Limitations of SEA Information, and Enhancing the Usefulness of SEA Information), and to eliminate one section (Developing Reporting Standards for SEA Information). It is the GASB’s belief that these proposed changes will enhance a common understanding of the elements, characteristics, limitations, and methods of communicating SEA performance information.
The proposed changes to the Purpose and Scope section would clarify that it is beyond the scope of the GASB to establish the goals and objectives of state and local government services, develop specific nonfinancial measures or indicators of service performance, or set standards for service performance. Some provisions of the section of the Concepts Statement entitled "Developing Reporting Standards for SEA Information" have been interpreted in ways that cause confusion. The GASB believes that the best way to avoid future confusion is to eliminate that section from the Concepts Statement entirely.
NACUBO encourages members to read and respond to the ED with comments by the July 3, 2008 deadline. NACUBO plans to comment based on input from NACUBO’s Accounting Principles Council, but encourages all members to provide insights and contribute to the letter. Finally, the GASB plans to hold a public hearing on July 29, 2008 in Atlanta, Georgia. Members with either feedback on the ED or an interest in attending the public hearing should contact Sue Menditto, Director, Accounting Policy.
NACUBO Contact, Sue Menditto, Director, Accounting Policy
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