The GASB is reexamining the financial reporting model for state and local governments. Consideration is being given to changes in the measurement focus and basis of accounting for governmental funds along with two other changes. At the time this case was written, the GASB had issued an Invitation to Comment concerning the changes being considered. Go to the GASB website (www.gasb.org) and locate the Financial Reporting Model—Reexamination project. Prepare a one-page summary that outlines the current status of the financial reporting model project and briefly explain the major changes being considered by the project.