I need some assistance with these assignment. responding to gasb requests for public comment Thank you in advance for the help!
I need some assistance with these assignment. responding to gasb requests for public comment Thank you in advance for the help! Therefore, it is greatly relevant to release the exposure drafts for public commentary before they get implemented by the government. The major benefit of exposure drafts is primarily to improve financial reporting by state of local government pension plans. This would help improve the effectiveness of the obtainable principles of accounting and fiscal reporting for drafted pensions. When the public are aware of these drafts, it opens a wide room for recommendations for them, thus providing the concerned bodies such as the local government and the respective institutions to make appropriate decisions regarding all the citizens’ opinions (GASB, 2011). This further encourages transparency between the government and the citizens of a nation and its citizens. The benefits of exposure drafts exist in the inter-period equity and the supporting statements of accountability which is highly essential to the government as it facilitates easy cooperation for the implementation of the relevant policies concerning employees for a particular country (GASB, 2011). This would ease the intensity with which different employees are to be paid considering various logistics involved in the decisions made. Through these measures, new and effective accounting and financial reporting standards would emerge.