What Is the GASB Doing with Its Conceptual Framework?
The SEA reporting project has two parts, which the GASB is deliberating concurrently. The objective of the first portion of the project is to amend Concepts Statement No. 2, Service Efforts and Accomplishments Reporting, to reflect developments that have taken place in the decade-and-a-half since its issuance and to clarify certain other issues. The proposed changes to Concepts Statement 2 are based both on the findings of extensive research by the GASB and others, and on the results of the GASB’s monitoring of state and local governments that report SEA performance information. In an Exposure Draft issued in April, the GASB proposed to modify four sections of Concepts Statement 2 (Purpose and Scope, Elements of SEA Reporting, Limitations of SEA Information, and Enhancing the Usefulness of SEA Information) and to eliminate one section (Developing Reporting Standards for SEA Information). It is the GASB’s belief that this proposal would enhance the common understanding of the elements,
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