GASB has proposed a Preliminary Views Document for a Concept Statement – Recognition of Elements of Financial Statements. The concept statement addresses recognition which deals with measurement focus and basis of accounting, what should be reported and when. The PV proposes a short-term financial resources measurement focus (which was discussed in last week blog on the PV for the Financial Reporting Model) and an economic financial resources measurement focus. The PV also includes a hierarchy for recognition. Comments are due by February 15, 2019.