GASB has issued an exposure draft to update the Conceptual Framework for Note Disclosures. The exposure draft describes the types of information that should be disclosed in notes and the types of information that are not appropriate. The proposal introduces the concept of what is “essential” to users and updates the purpose of note disclosures.
“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”: https://gasb.org/cs/Satellite?c=Document_C&cid=1176174242984&pagename=GASB%2FDocument_C%2FDocumentPage
Comments are due April 17 and should be addressed to the Director of Research and Technical Activities, Project No. 3-34, and emailed to firstname.lastname@example.org.
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SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. Melisa was a speaker on audit topics at SCACPA’s 2019 Fall Fest and Spring Splash accounting conferences. She also takes part in many SCACPA seminars and rebroadcasts.
With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.
Read the latest Melisa Galasso A&A Interview: Private Company Council Member Jeremy Dillard and Standard-Setting Advocacy