The Governmental Accounting Standards Board released a concepts statement Thursday to provide a conceptual framework for its work on note disclosure requirements for state and local governments.

The Federal Accounting Standards Advisory Board (FASAB) is seeking feedback on an exposure draft aimed at further standardizing and adding value to note disclosures in financial statements.

GASB issued a concepts statement to guide the board when establishing note disclosure requirements for state and local governments — part of its response to research reexamining existing note ...

Accounting principles are the rules that public companies must use when preparing and disclosing their financial statements.