GASB has issued a preliminary views document, which is their second phase in updating revenue and expense guidance. Building on the ITC issued in 2018, the PV continues to develop the model for categorization, recognition and measurement. In lieu of the three methods proposed in the ITC, GASB has developed a Category A/Category B.
For those familiar with the FASB guidance in Topic 606, the introduction of performance obligations for Category A should feel somewhat similar. Due to the scope of the project, COVID-19 and upcoming fiscal year-ends for many governments, comments are due in February 2021.
SCACPA would love to know: What are your thoughts on this updated proposal? Send your questions to email@example.com.
“Preliminary Views of the Governmental Accounting Standards Board on major issues related to Revenue and Expense Recognition”: https://gasb.org/cs/Satellite?c=Document_C&cid=1176174822386&pagename=GASB%2FDocument_C%2FDocumentPage
Any individual or organization that wants to provide written comments should do so by February 26, 2021. Comments should be addressed to the Director of Research and Technical Activities, Project No. 4-6P, 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 2020 Virtual 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