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FAF Trustees agree to retain GASB scope of authority policy without change

The Financial Accounting Foundation (FAF) Board of Trustees (Trustees) has approved the three year review of Governmental Accounting Standards Board’s (GASB) Scope of Authority policy without any modifications.

 GASB’s Scope of Authority was a policy for consultation issued in November 2013 by the FAF Trustees. It outlined a pre-agenda consultation process for the GASB and the FAF’s Standards-Setting Process Oversight Committee to follow  in determining whether information the GASB might consider for standard-setting activity is “financial accounting and reporting information” within the scope of the GASB’s standard-setting mission.

The majority of the stakeholders including the Governmental Accounting Standards Advisory Council (GASAC) who took part in the review process supported the policy and believe it should stay unmodified. They noted that there are checks and balances in place in the policy which ensure the financial accounting and reporting issues that the GASB takes into account are within the scope of its standards setting mission.

The policy will be reviewed again by FAF Trustees in five years.

The policy can be accessed here.

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