In the Interest of Full Disclosure

CPE Credits: 
Session Time: 
Sunday, May 17, 2020 - 2:40pm to 3:30pm
Field of Study: 
Accounting – Governmental

Preparing note disclosures to basic financial statements can be the most challenging part of preparing financial statements. The GASB last took a comprehensive look at note disclosures leading up to the issuance of GASB Statement No. 38. While that project had been expected to reduce the volume of notes, in reality, the opposite occurred. Governments ended up adding disclosures and subsequent standards have only continued that trend. The GASB is now taking a conceptual approach to answering the question of what should be included in note disclosures. Speakers in this session will discuss the proposals in the exposure draft and how a final concept statement might ultimately affect the nature and quantity of notes.