News | Accounting and Financial Reporting

GASB seeks volunteers to participate in ‘field test’ of proposed changes

News | Accounting and Financial Reporting

GASB seeks volunteers to participate in ‘field test’ of proposed changes

The standards body for organizations that follow governmental accounting standards is seeking volunteers to test new rules.

The Governmental Accounting Standards Board (GASB) is seeking participants to “field test” the standards it proposed in a new document, Preliminary Views, Revenue and Expense Recognition, that was issued in June.

The proposed standards aim to develop a comprehensive, principles-based model that establishes categorization, recognition and measurement guidance applicable to a wide range of revenue and expense transactions, according to GASB.

Volunteer organizations will test implementation of the proposed changes and provide feedback to GASB on their experience. Field testing will primarily evaluate the transactions of the organizations using the proposed model.

Feedback sought from preparers of such financial statements include:

  • Potential implementation difficulties
  • Costs associated with initial and ongoing implementation of the proposed standards
  • Whether any of the proposed standards are unclear

GASB will use the feedback to help develop an “Exposure Draft” of the proposed standards.

The first field test will be distributed to participating organizations in September, with results returned in December. A separate field test will be available in December and completed in March 2021.

Interested organizations and those with questions should contact Pam Dolan, supervising project manager for GASB, at pdolan@gasb.org.

About the Author

HFMA staff

Advertisements

Related Articles | Accounting and Financial Reporting

Sponsored Content | Budgeting

40% of hospitals reconsidering traditional budgeting amid pandemic: HFMA poll

A n October 2020 HFMA survey, by Strata Decision Technology, found that the COVID-19 pandemic prompted many U.S. hospitals to consider moving from a traditional budgeting process to rolling forecasting, with one in five already having made the move.

Q&A | Financial Sustainability

How Scripps Health used demand modeling to prepare for the pandemic’s uncertainties

Two executives from San Diego-based Scripps Heath discuss how the health system has employed emerging demand modeling techniques to realize the full power of rolling forecasting during the unprecedented times of the COVID-19 pandemic.

News | Financial Leadership

A dream becomes a reality

HFMA was launched in 1946 as the American Association of Hospital Accountants, and the first issue of what was to become hfm magazine came a year later.

Blog | Coronavirus

HHS Provider Relief Fund clarifications provide much-needed information

Several clarifications related to the treatment of depreciation, expenses for stockpiling PPE and revenue to the HHS Provider Relief Fund (PRF) FAQs were released Nov. 18 by the U.S. Department of Health & Human Services.