GASB Rethinks Financial Statement Notes
GASB’s conceptual framework guides the standard-setting process. This framework creates a foundation for financial accounting and establishes consistent standards. Concepts Statements identify the objectives and fundamental principles of financial reporting that can be applied to address numerous accounting and financial reporting issues. These documents assist GASB in considering the merits of alternative approaches to financial reporting and facilitate the development of well-reasoned accounting standards. Concepts Statements do not prescribe the standards that apply to a particular item or event. This article provides recent updates on several long-running projects.