GASB releases exposure drafts on transferring accounting and financial reporting guidance.

The Governmental Accounting Standards Board is seeking comments on two new exposure drafts that set forth proposals to transfer accounting and financial reporting guidance currently contained in the AICPA's auditing literature into the GASB's accounting and financial reporting literature for state and local governments. According to the GASB, the proposals are intended to make it easier for preparers of state and local government financial statements to identify and apply guidance on related-party transactions, going-concern considerations, subsequent events, and the generally accepted accounting principles hierarchy for state and local governments. Comments are due Oct. 30.

As proposed in the exposure drafts--Codification of Accounting and Financial Reporting Guidance...