A major change in accounting took place July 1 although many in accounting may not even be aware of it. I'm talking about the shift in leadership from Russell Golden, 7-year Chairman, and 10-year Board Member at the Financial Accounting Standards Board, to his successor Richard Jones formerly of Ernst & Young.
And as if a once in a decade shift like that wasn't enough, David Vaudt who was Chairman of the Governmental Accounting Standards Board since 2013 was succeeded by Joel Black on July 1st as well. Black had been a partner at Mauldin & Jenkins.
In preparation for their departure, both outgoing Chairmen spoke to various press representatives and published newsletters in recent days about their tenures, as well as the impact of COVID-19 in recent months upon their Boards and the underlying organizations supporting them.
But even as new leadership takes the reins the work doesn't slow, because GASB issued a couple of preliminary view documents seeking formal comments by February 26, 2021, prior to beginning of public hearings on these new pronouncements. The content of these preliminary pronouncements can be found at this GASB website.
So, if you are a CPA, Accountant or Auditor actively engaged with Financial Statement Compilation, Review, or Audit, or you work regularly with State, County and Local Governments, then these changes in leadership at FASB and GASB, not to mention the potential changes to GASB provisos should definitely be of interest to you.