The US Governmental Accounting Standards Board (GASB) is seeking
comments on an improved financial reporting entity
standard.

The proposed standard, Financial Reporting
Entity, amends GASB statements No. 14 and No. 34.

The Financial Reporting Entity looks to
improve guidance for presenting, including, and disclosing
information about the component units and equity interest
transactions of a financial reporting entity.

The standard would also modify financial
reporting of component units by including organisations that are
fiscally dependent on a government. This would be done by adding a
requirement that the potential component unit and the primary
government also have a financial benefit or burden
relationship.

The deadline for comments is 30 June.

 

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