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REPORTING MODEL ED ISSUED BY GASB
As the February issue of The CPA Journal goes to press, the Government Accounting Standards Board (GASB) is doing the same with an exposure draft of the Board's proposed financial reporting model for governmental and business-type activities (scheduled for release on January 31).
The ED is expected to be a refined version of the "dual perspective" approach introduced in the Board's Preliminary Views (PV) document, Governmental Financial Reporting Model: Core Financial Statements. Among other changes, the ED will call for the addition of full accrual financial statements for governmental entities as a whole, while maintaining the essence of the current model for fund level reporting. Like the PV, the new ED is certain to be controversial.
The comment period for the ED will end May 30, 1997. To request a copy of the ED, call GASB order department at (203) 847-0700, ext. 10. Be sure to watch for a thorough discussion of the ED scheduled for the April issue of The CPA Journal. *
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