The Governmental Accounting Standards Board announced it will pause issuing new accounting standards until fiscal year 2029 to allow government departments time to adjust to existing requirements. GASB chair Joel Black stated that the board recognizes the resource constraints faced by state and local governments, which are often stretched thin by shrinking staff and rising audit demands. This pause follows the implementation of recent standards like Statement 103 and Statement 104, with the next major update expected to be the infrastructure project in 2029. The board aims to ensure that any future standards provide significant improvements to financial reporting rather than minor changes.
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