November 13, 2023 - GAO's Response to FASAB's Invitation to Comment on the Reexamination of Existing Standards

Thank you for the opportunity to provide our comments on the Federal Accounting Standards Advisory Board's (FASAB) Invitation to Comment on the Reexamination of Existing Standards. In the enclosure to this letter, we respond to FASAB's questions on its generally accepted accounting principles hierarchy and provide observations concerning certain general issues we have noted in our audits. We are aware that other respondents have raised additional issues.