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Published 1 (2020-11-16)

handle is hein.gao/gaobaebzg0001 and id is 1 raw text is: U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 November 16, 2020 Mr. Edwin Ng Principal International Public Sector Accounting Standards Board 277 Wellington Street West Toronto, ON M5V 3H2 Canada GAO's Response to the International Public Sector Accounting Standards Board's Exposure Drafts 70, Revenue with Performance Obligations; 71, Revenue without Performance Obligations; and 72, Transfer Expenses Dear Mr. Ng, This letter provides GAO's comments on the International Public Sector Accounting Standards Board's (IPSASB) exposure drafts (ED) 70, Revenue with Performance Obligations; 71, Revenue without Performance Obligations; and 72, Transfer Expenses. GAO promulgates generally accepted government auditing standards, which provide professional standards for auditors of government entities in the United States. We support the IPSASB's efforts to improve its standards and to develop requirements and guidance on topics not currently addressed by existing International Public Sector Accounting Standards. We believe that the proposed standards will generally help public sector entities account for resources they receive and spend through transfers and taxes. The IPSASB seeks comment on 21 specific matters. Our responses to the matters follow in the enclosures to this letter. Thank you for the opportunity to comment. If you have questions about this letter or wish to discuss any of our responses, please feel free to contact me at (202) 512-3133 or dalkinj@gao.gov. James R. Dalkin Director Financial Management and Assurance Enclosures - 3 Page 1

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