On May 20, 2021, the Governmental Accounting Standards Board (GASB) issued an Exposure Draft (ED) titled Accounting Changes and Error Corrections. With this ED, GASB is looking to bring more consistency to the reporting and disclosure of events that result in changes to previously reported information or potentially distort trend analysis. The clarity will likely be welcomed by most interested parties, although the additional reporting and disclosure requirements may not be welcome by all preparers.
- Publication date: August 2021
- Author: Michele Mark Levine