Friday, May 12. 2023
FAF Trustees Improve Stakeholder Feedback Procedures and Disclosure Requirements for Standard-Setting Boards
The Board of Trustees of the Financial Accounting Foundation (FAF) has announced an enhancement that will facilitate stakeholders’ ability to raise potential concerns about compliance with the due process procedures of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). This is part of FAF’s continuing endeavor to improve its oversight activities and to further increase disclosure requirements for stakeholders. The enhancement gives stakeholders the ability to flag and report to the FAF’s Oversight Committee (Committee) supposed failures by either the FASB or the GASB to follow their due process procedures as defined in the FAF By-Laws.
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Wednesday, February 08. 2023
GASB Introduces Proposed Guidance to Facilitate Application of Subscription-based Information Technology Arrangements
On February 6th, the Governmental Accounting Standards Board (GASB) released proposed implementation guidance that would expound on existing guidance related to subscription-based information technology arrangements (SBITAs). The Exposure Draft, Additional Proposal for Implementation Guidance Update—2023, focuses on whether the definition of a cloud computing arrangement is comparable to that of an SBITA, as defined in GASB Statement No. 96, Subscription-Based Information Technology Arrangements.
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Friday, November 18. 2022
GASB Proposes Guidance to Help Stakeholders Apply its Pronouncements
On November 15th, the Governmental Accounting Standards Board (GASB) released proposed implementation guidance that uses a questions and answers format to clarify and expound on certain GASB pronouncements.
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Tuesday, January 11. 2022
GASB Adds Pre-Agenda Research Activity and Major Project to Technical Plan
In December 2021, the Governmental Accounting Standards Board (GASB) voted to approve pre-agenda research activity on subsequent events as part of its technical plan for the first third of 2022. The GASB also approved the addition of a major project focusing on “going concern” uncertainties and severe financial stress. An entity is a “going concern” if it is able to continue operating long enough to carry out its commitments, obligations, and objectives. The GASB is investigating how “going concern” states are influenced by severe financial distress.
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Thursday, June 03. 2021
Financial Accounting Foundation Publishes 2020 Annual Report
On May 26, 2021, the Financial Accounting Foundation (FAF) posted its 2020 Annual Report, themed “Standards That Work from Main Street to Wall Street”.
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