December 21, 2023 comment letter on GASB’s Exposure Draft on Disclosure and Classification of Certain Capital Assets

Members of the American Institute of Certified Public Accountants (AICPA) State and Local Government Expert Panel reviewed the Governmental Accounting Standards Board (GASB) Exposure Draft (ED), Disclosure and Classification of Certain Capital Assetsoffered comments to the Governmental Accounting Standards Board.

The Financial Reporting Executive Committee (FinREC), formerly known as the Accounting Standards Executive Committee (AcSEC), is a senior committee of the Institute for financial reporting. It is authorized to make public statements on behalf of the Institute on financial reporting matters without the clearance of either the Council or the board of directors of the Institute and to clear statements of other committees that include references to financial reporting positions.

The mission of FinREC is to determine the Institute's technical policies regarding financial reporting standards and to be the Institute's spokesbody on those matters, with the ultimate purpose of serving the public interest by improving financial reporting.