Apr 06, 2015
From the Financial Reporting Network
KPMG LLP recently commented on the GASB Preliminary Views, Financial Reporting for Fiduciary Responsibility, which summarizes the GASB’s views about financial reporting for fiduciary responsibility and seeks feedback as a step toward issuing an Exposure Draft of a GASB Statement. While KPMG supports the GASB’s objective of reexamining financial reporting for fiduciary responsibility, the firm strongly believes that the current financial reporting model for governments is too complex and that including fiduciary activities in a government’s financial statements would add to that complexity. The firm strongly encouraged the GASB to combine this project with its project to reexamine the reporting model.