TARC responds to the GASB’s Invitation to Comment (ITC) on the Financial Reporting ModelMarch 15, 2017 | TARC updates
The Technical Accounting and Review Committee (TARC) of IGFOA has drafted its response to the GASB’s Invitation to Comment (ITC) on the Financial Reporting Model, (click here). The document is available as a word document, so that IGFOA members can use the document as a template if they would like to independently respond to GASB.
Members can also view other comment letters to the invitation to comment on GASB’s website at http://www.gasb.org/jsp/GASB/CommentLetter_C/GASBCommentLetterPage&cid=1176157116776&project_id=3-25I. Reading other comment letters may help provide additional thoughts when drafting a response.
Responses are due to GASB by March 31, 2017 and can be emailed to email@example.com.
TARC understands that many of our IGFOA members would prefer that GASB make no changes to the current financial reporting model. GASB continues to modify its standards at an increasing rate, which requires more time and resources, both of which governments do not have in abundance. Any changes to the reporting model will, at least for a time if not permanently, increase the time and cost of the year-end financial reporting. TARC’s response was drafted with the viewpoint that GASB is likely not to keep the status quo and that change is inevitable. The Committee strived to provide productive suggestions in its response on ways that GASB could reduce reporting requirements or make the financial statements easier to understand.
TARC does intend to participate in the public hearings that GASB is holding on the Invitation to Comment. If members are interested in participating individually, they must provide written intent to participate in the hearing along with their comments to the Director of Research by email at firstname.lastname@example.org. If someone wants merely to observe the public hearing (but not participate in the discussion), they may register on GASB’s website at http://www.gasb.org/jsp/GASB/Page/GASBSectionPage&cid=1176156622019. Either process must be completed by March 31, 2017.