The FAF Trustees yesterday adopted a new policy, GASB Scope of Authority: Consultation Process Policy, that clarifies the characteristics of the information the GASB may incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments. A link to the press release announcing the new policy can be found here.
The new policy outlines a pre-agenda consultation process for the GASB and the FAF’s Standard-Setting Process Oversight Committee to follow in determining whether information the GASB might consider for standard-setting activity is “financial accounting and reporting information” within the GASB’s scope of authority. The scope considerations will be based on accounting and reporting characteristics currently in the GASB’s Concepts Statements.