GASB Aims to Improve Going Concern and Debt Disclosure Guidance
After stakeholders called for further review of the “going concern” concept in regard to governments and associated organizations, the Governmental Accounting Standards Board (“GASB”) will begin pre-agenda research on improving guidance for going concern. Announced on Friday , the research efforts will determine whether the current generally accepted accounting principles offer financial statement preparers of state and local governments enough guidance on management’s responsibilities for reviewing and disclosing any worries related to financial stress. Meanwhile, in response to state and local government reporting inconsistencies, the GASB will research ways to improve debt disclosure guidance. Debt disclosures have been inconsistent since government entities have. Read More.
GASB Three-Day Meeting Scheduled This Week
Starting tomorrow, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at its headquarters in Norwalk, Connecticut. With the exception of Tuesday evening’s administrative session, all meeting sessions are open to the public. A live webcast of the public meeting sessions will also be available on the GASB website. As stated in its Notice of Meetings , the organization is expected to discuss the pre-ballot drafts of several proposed GASB Statements and the Implementation Guide, Implementation Guide No. 2015-1. Other matters to be addressed include the field test results for the GASB Preliminary Views, Financial Reporting for Fiduciary Responsibilities, the proposed. Read More.
2015 Government Benchmarking Survey Participant Winners
Thank you to all those who participated in our 2015 Benchmarking Survey. We appreciate your time and look forward to sharing the results in the coming weeks. Congratulations to our drawing winners: Patsy Brown, Chesterfield County Tealen Hansen, City of Suffolk Lucianna Farmer, Clayton County Board of Commissioners Keli Reekes, Brunswick County Kevin Wolfe, Upper Occoquan Service Authority Vizel Townsend, Hampton City Schools Wendy Forsman, Suffolk Public Schools Kimberly Kline, Heard County Ann Bostic, Alleghany Highlands Community Services Jay Poole, City of Chesapeake
Moody’s Joins Electronic Municipal Market Access Website
Later this year, the Municipal Securities Rulemaking Board (“MSRB”) will include Moody’s Investors Service public finance ratings on its Electronic Municipal Market Access (EMMA) website. Announced on March 2nd, the addition will enhance the EMMA website in being a centralized place for providing free public access to ratings and key information from large municipal securities agencies like Fitch, Kroll, and Standard & Poor’s. Speaking on the matter, MSRB Executive Director Lynnette Kelly said, “By providing data from another municipal credit ratings agency, the EMMA website will soon be an even more powerful tool for investors and other municipal market participants.”. Read More.
SEC Commissioner Wants to Bring Back Annual Required Contribution Rule
During a speech last week in New York, Securities and Exchange Commission (“SEC”) Commissioner Daniel Gallagher suggested that the Governmental Accounting Standards Board (“GASB”) bring back the annual required contribution (ARC) rule. The pension funding disclosure rule was eliminated when GASB Statement No. 67, Financial Reporting for Pension Plans, and GASB Statement No. 68, Accounting and Financial Reporting for Pensions, was issued in 2012. Initially part of the accounting board’s pension reporting standards, the ARC is viewed by Gallagher as an easy way for investors and voters to compare the aid required for chipping away accumulated liabilities. Gallagher also said. Read More.
GASB Holding a Four-Day Meeting This Week
Yesterday marked the start of the Governmental Accounting Standards Board’s (“GASB”) four-day meeting at its Norwalk, Connecticut, offices. Throughout this week, the GASB will review postemployment benefits accounting and financial reporting, in particular issues such as defined contribution plans, note disclosures, and required supplementary information. The GASB will also examine comments from the exposure draft of the proposed Implementation Guide No. 20xx-1, and meet with Governmental Accounting Standards Advisory Council (“the Council”) members on the Council’s ongoing technical agenda and research projects. Later in the week, the GASB will hold discussions on the criteria for cost-based external investment pools, talk. Read More.