PwC comments on GASB’s financial reporting project
See what PwC thinks about the GASB’s financial reporting improvements project.
Overview
PwC has responded to the GASB’s Preliminary Views on its financial reporting improvements project. Although the focus of the project is primarily on governmental funds, we commented on the portion of the project pertinent to the presentation of proprietary fund financial statements. Entities using the proprietary fund financial reporting model would separate non-operating activities into noncapital subsidies and financing and investing activities. Entities would also present a new required subtotal titled “Operating income (loss) and noncapital subsidies.” PwC expressed concerns on the extension of the “self-sustaining or subsidized” approach to governmental business enterprises and the GASB’s proposed definition of the term “subsidies.”
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