Feedback on the Improving the Financial Reporting Model


Feedback on the Improving the Financial Reporting Model

September 9, 2018

The GASB invites tribal governments to participate in a field test of the standards it will propose in a Preliminary Views, Financial Reporting Model Improvements. The primary objective of the proposed standards is to improve the accounting and financial reporting guidance related to the following issues: 

  • Recognition of financial statement elements (for example, assets, liabilities) for governmental funds
  • Presentation of governmental fund financial statements
  • Presentation of proprietary fund financial statements
  • Budgetary comparison information
  • Communication of major component unit information
  • Schedule of government-wide expenses by natural classification.

Field tests help the GASB establish effective standards by asking tribal governments and others to go through the exercise of “implementing” the proposal as if it were in place. Additionally, the GASB would like feedback from tribal governments on (1) potential implementation difficulties, (2) the costs associated with the initial and ongoing implementation of the proposed standards, and (3) whether any of the proposed standards are unclear. The feedback provided will be considered in the development of an Exposure Draft of a proposed Statement.