The GASB issued a revision to a Revised Proposed Concepts Statement related to the notes to financial statements. The Revised Proposed Concepts Statement describes the purpose of notes to financial statements and the users of those notes. The feedback the GASB seeks is captured in the following questions:
Do you agree or disagree that essential information in notes to financial statements is evidenced by the following characteristics? Why?
a. Users utilize the information in their analyses for making decisions or assessment accountability or would modify those analyses to incorporate the information, if it were made available.
b.The information has or would have a meaningful effect on users’ analyses for making decisions or assessing accountability.
c. A breadth or depth of users utilize or would utilize the information in their analyses for making decisions or assessing accountability.
The goal of concepts statements is to improve financial reporting by enhancing the framework through which the GASB maintains consistency in standards setting. The comment deadline is October 15, 2021.
The full text of the Revised Proposed Concepts Statement is available here.
Readers should not act upon information presented without individual professional consultation.