The Governmental Accounting Standards Board places exposure drafts (EDs) of proposed future standards on its website. These exposure drafts provide an early view of the GASB’s consensus viewpoints on a project. Accountants wishing to remain current in governmental accounting and auditing need to be aware of proposed governmental standards and their potential impacts on the accounting and reporting of the governmental entities with which the accountants are associated.
Access the GASB’s website at www.gasb.org ; locate the most recent exposure draft of a proposed statement. Read through the Summary presented at the front of the exposure draft and then prepare a one-page memorandum on the issues the proposed statement is addressing; why the GASB feels the proposed statement is needed; and the key provisions it proposes. Toward the bottom of your memorandum, place the expected effective date of the proposed statement and, if included in the ED, the proposed transition implementation from current standards to the new standard.