GASB ED – Accounting Changes and Error Corrections
The GASB has issued an exposure draft, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62, to update an area of accounting that hasn’t seen much change. The original guidance came from FASB standards that date back to the 1970s. The GASB reviews the guidance through the lens of a governmental entity and provides definitions as well as accounting guidance on accounting changes and error corrections. Comments are due August 31, 2021.