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March 30, 2010

GASB proposes improvements for financial reporting

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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