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Business and Policy Areas
Business and Policy Areas

GASB Seeks Field Testers

March 10, 2010

The Governmental Accounting Standards Board (GASB) is hoping public institutions will volunteer for a field test. The test is being conducted in conjunction with the issuance of an exposure draft related to the "financial reporting entity" project.  The proposed statement is scheduled to be released March 26, 2010. The financial reporting entity project would amend Statements No. 14, "The Financial Reporting Entity", and No. 34, "Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments."

Field tests are a part of GASB's due process activities that help establish effective standards. Participating public institutions would go through the exercise of "implementing'' the proposed standard as if it were in place and then provide feedback to the GASB regarding that process. Field tests can help point out potential problems.

The "financial reporting entity" project is an important one for higher education.  Changes to Statement 14 may ultimately impact blended and discrete component unit reporting.  NACUBO urges all interested public institutions to volunteer for the field test by contacting GASB Project Manager Wesley Galloway either by e-mail at or by telephone at (203) 956-5272.

Interested institutions can refer to GASB's website for more information.


Sue Menditto
Director, Accounting Policy