Question: At this link: https://www.gasb.org/exposuredocuments Links to an external site., find the following exposure draft: Certain Risk Disclosures Answer the following questions after reading the exposure

At this link: https://www.gasb.org/exposuredocuments

  1. Links to an external site., find the following exposure draft:
    • Certain Risk Disclosures
  2. Answer the following questions after reading the exposure draft:

  1. Exposure Draft Background
    • How does this exposure draft relate to state and local governments?
    • What is the overall objective of this Proposed Statement (Statement)?
    • How does the overall objective of the Statement relate to financial reporting stakeholders?
  2. Exposure Draft's Effect on the Accounting and Financial Reporting of State and Local Governments
    • In what specific ways would this Statement affect the accounting and financial reporting of state and local governments?
  3. Exposure Draft Benefits and Costs
    • In your opinion, what is the most significant expected benefit of the Statement?
    • In your opinion, what is the most significant expected cost of the Statement?
    • In your opinion, do the Statement's benefits outweigh the costs or do the costs outweigh the benefits? What evidence did you use to reach your conclusion?

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