• * A short-term financial resources measurement focus for governmental funds that recognizes short-term transactions and other events when incurred and long-term transactions and other events when due;
• * A format for governmental fund financial statements that distinguishes between current and long-term resource flows;
• * Clarified explanations of operating and nonoperating revenues and expenses;
• * An additional subtotal in proprietary fund financial statements for operating income (loss) and noncapital subsidies;
• * Presentation of all budgetary comparison information as required supplementary information and required presentation of two variance columns;
• * Communication of major component unit information either in the government-wide statements or in combining financial statements;
• * A new schedule of government-wide expenses by natural classification as supplementary information in comprehensive annual financial reports. 

The second Preliminary View is meant to encompass two of the main aspects of state and local government financial statements: The measurement focus of a specific financial statement determines what items should be reported, and the related basis of accounting determines when those items should be reported. 

To this end, the GASB has proposed that an item being considered for recognition in financial statements would be evaluated using a hierarchy for recognition of elements. The hierarchy would require the board to follow a specific order of elements when considering if an item should be recognized and as what element (for example, as an asset, deferred outflows of resources, or expense). 
 
It also proposes a recognition framework for both the short-term financial resources measurement focus (proposed for use in governmental fund financial statements in the companion Preliminary Views) and the economic resources measurement focus (used in government-wide, proprietary fund, and fiduciary fund financial statements).

“What the Board ultimately is trying to do through these companion projects is provide better information to financial statement users," said GASB Chairman David A. Vaudt. "These proposals are designed to enhance both the value and clarity of the information reported in financial statements.”

Stakeholders are asked to review and provide input on the proposals contained in the two Preliminary Views by Feb. 15, 2019.