This article provides an overview of GASB standard setting from July 2022 to June 2023, along with updates on outstanding exposure drafts and ongoing projects. GASB’s standard-setting activity slowed almost to a halt after several busy years with only three exposure drafts issued since June 2022. GASB has been focused on several multiyear projects that will have significant impacts on government financial reporting—the financial reporting model and revenue and expense recognition.
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