The Governmental Accounting Standards Board released a concepts statement Thursday to provide a conceptual framework for its work on note disclosure requirements for state and local governments.

Accounting principles are the rules that public companies must use when preparing and disclosing their financial statements.

The Federal Accounting Standards Advisory Board (FASAB) is seeking feedback on an exposure draft aimed at further standardizing and adding value to note disclosures in financial statements.

Accounting is the process of keeping track of all financial transactions within a business, such as any money coming in and money going out. It’s not only important for businesses in terms of record ...