Posted on Friday, February 26, 2021

XBRL US submitted a comment letter to the Governmental Accounting Standards Board (GASB) in response to their public exposure of Project No. 3-20 (Recognition of Elements of Financial Statements) and Project No. 3-25 (Financial Reporting Model Improvements). Our letter emphasized the importance of considering how state and local government data is used, noting:

We believe that data should be reliable, consistent, transparent, and fully understandable. . . The accounting standard methodology and the format in which the data is reported, has an enormous impact on the transparency and usability of information. If a government fund has long-term liabilities, that information should be available so that data users can extract the data they need, when they need it. We believe that reporting as much data as possible, and structuring that data in an unambiguous, machine-readable format, so that it can be queried and extracted as the user wishes, is the optimal approach.

Read the letter: XBRL US Comment on GASB Project Nos. 3-20 and 3-25 – 2_26_2021