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GASB seeks feedback on proposed amendments to accounting changes and error corrections guidance

On June 1, the GASB issued an exposure draft of a proposal to amend GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. The proposed amendments would:

•     require changes in accounting principle to be applied retroactively to all prior periods presented,
•     define different types of changes in estimate and require different accounting based on type, and
•     define additional situations that would be considered a change in reporting entity.

If finalized, the amendments would be effective in reporting periods beginning after June 15, 2023, with early adoption encouraged. Comments are due by August 31.

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