Accounting and Financial Reporting

GASB 102 and More Disclosure for You

Page from GFR

Following the issuance of the Governmental Accounting Standards Board (GASB) Concepts Statement No. 7, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements: Notes to Financial Statements—an amendment of GASB Concepts Statement No. 3 (GASB CS7) in June 2022, GASB has undertaken several projects focused exclusively or primarily on required note disclosures, providing an opportunity to put GASB CS7’s new, more rigorous criteria for note disclosure content to the test.

The recently issued GASB Statement No. 102, Certain Risk Disclosures (GASB 102), is the first of these projects to become a final standard. This article will provide a brief overview of GASB 102 and some background on the other disclosure-focused projects on GASB’s current technical agenda.