Question

What is your view on this? Please see below. No internet sources.

I believe now, in light of the drastic change to our daily life, one can make the argument more than ever the need for a continual presence in the form of an independent board such as (GASB). The continual influxes in practices, disclosures, and technologies, communicate the need for GASB to set standards. Not only set standards but keep those standards to the high bar and again to stress independence from outside factors. Also, to reinforce or disclose to the 'question asker', the amount of work involved in one of GASB standards takes years if not decades. The process of weighing a potential change, communicating that to the local and state governments, as well as receiving feedback to adapt to a particular missed concern from the initial assessment – is overwhelming. Additionally, taking a break from the standard-setting would create too large of a backlog that could potentially create problems for the state and local governments disclosure of financial statements. More importantly, this would, in turn, affect the users and citizenry of said governments.