The Governmental Accounting Standards Board (GAXB) has just launched a video series on its website that walks stakeholders through key elements of the Financial Reporting Model Invitation to Comment.
In September 2015, the GASB added a project to its agenda to reexamine the blueprint of state and local government financial reporting. The project is meant to result in improvements to the financial reporting model, including Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments, and other related pronouncements.
The Board issued an initial due process document, and Invitation to Comment or “ITC” for public comment and feedback in December 2016. The deadline for submitting comments is March 31.