The USA Governmental Accounting Standards Board (GASB) has called for public comment on its revenue and expenses recognition model for state and local accounting.
The invitation to comment stated there are two potential models; an exchange model where the classification process and recognition are based on existing guidance, or a performance model based on performance obligation definitions, which would determine the structured approach.
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GASB chairman David Vaudt said that the board requires stakeholder feedback on the potential benefits and challenges of the two models before developing potential changes to the standards.
Comments are requested by 27 April 2018, and three public hearings will be held in May 2018 on the matter.
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By GlobalData
