GASB Seeks Comment on Two Exposure Drafts

The Governmental Accounting Standards Board (GASB) issued two Exposure Drafts Aug. 28 that propose to transfer accounting and financial reporting guidance currently contained in the AICPA auditing literature into the GASB's accounting and financial reporting literature. The proposals intend to make it easier for preparers of financial statements to identify and apply guidance on related party transactions, going concern considerations, subsequent events, and the GAAP hierarchy for state and local governments. The guidance would be moved without substantive changes. The Exposure Drafts can be downloaded at no charge from the GASB website. Written comments should be provided by Oct. 30, 2008.