From the Chairman
By David A. Vaudt, GASB Chairman

Financial Reporting Model: Status Update


The financial reporting model establishes the fundamental blueprint for governmental financial reports. The GASB’s work to help bring about targeted enhancements to that blueprint is now in full swing. Many of you have reviewed and submitted comment letters on the Invitation to Comment (ITC) the Board issued late last year, watched the series of videos we prepared to walk you through that document, and participated in or listened to our series of public hearings and user forums on the model.

Since Issuing the Invitation to Comment




Key activities since issuing the ITC included:
  • 5 Public Hearings
    • April 28, 2017, Atlanta, GA
    • May 3, 2017, Dallas, TX
    • May 11, 2017, San Francisco, CA
    • May 21, 2017, Denver, CO
    • May 24, 2017, Norwalk, CT.
  • 3 User Forums
    • April 27, 2017, New York, NY
    • May 12, 2017, San Francisco, CA
    • May 18, 2017, Washington, DC
  • A webinar conducted for financial statement users in February with nearly 200 participants
  • Featured speakers for two other financial reporting model webinars sponsored by national organizations
  • Project staff featured in six videos discussing the ITC:
    • Why the GASB is thinking about changes
    • The near-term financial resources approach
    • The short-term financial resources approach
    • The long-term financial resources approach
    • Comparing the three approaches
    • Other topics in the ITC
  • Numerous GASB updates across the United States, which included informing attendees about our financial reporting model activities.
During the summer 2017 months, the Board will be redeliberating due-process feedback received from more than 100 stakeholders or stakeholder organizations who submitted comment letters and nearly 100 participants in the aforementioned public hearings and user forums.

If you have ideas about other ways you or other stakeholders might be interested in learning about the work the Board is doing to improve the financial reporting model, we’d love to hear from you!

More information is available on this plain-language web page.

The financial reporting model ITC.