Summary
Earlier this year, the Board of Trustees of the Financial Accounting Foundation (FAF) approved a number of changes to the oversight, structure and operations of FAF, GASB and FASB. A few of respondents to the trustees' proposals indicated their belief that GASB does not seem to be listening as well as it might to the concerns of its constituents regarding the selection of agenda items. While that may be the conclusion of some, GASB provides its constituents with significant opportunities to review its proposals and to participate in extensive due process activities. GASB's current proposal to improve the reporting of fund balance information is an excellent example of the influence that constituent input has on the standards-setting process. In October 2006, GASB released an Invitation to Comment that described the shortcomings in current fund balance reporting practices and laid out a variety of solutions. The responsiveness of GASB members to respondents' concerns is clear in the now-proposed changes to the governmental fund type definitions.
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Extract
Constituent Feedback and the Proposed New Fund Balance Reporting Approach
Earlier this year, the Board of Trustees of the Financial Accounting Foundation (FAF)-the parent organization of the Governmental Accounting Standards Board (GASB) and Financial Accounting Standards Board (FASB)-approved a number of changes to the oversight, structure and operations of FAF, GASB and FASB. While most of these changes affect FAF and FASB, two of the changes directly impact GASB-one regarding GASB's future funding, and one with respect to gran...
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