GASB has issued an exposure draft, Accounting Changes and Error Corrections an amendment of GASB Statement No. 62, to update an area of accounting that hasn’t seen much change. The original guidance came from FASB standards that date back to the 1970s. The GASB reviewed the guidance through the lens of a governmental entity and provides definitions as well as accounting guidance on accounting changes and error corrections. Comments are due August 31, 2021.
What impact would these proposed changes have on governmental entities?