GASB has issued an exposure draft, Accounting Changes and Error Corrections. It is an amendment of GASB Statement No. 62 and updates an area of accounting that hasn’t seen much change. The original guidance came from FASB standards that dates 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 Aug. 31.

Call to Action: What impact would these proposed changes have on governmental entities?

“GASB Exposure Draft — Accounting Changes and Error Corrections — an amendment of GASB Statement No. 62”:

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 is a speaker on audit topics at SCACPA’s annual Spring Splash and Fall Fest 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.