GASB to Hold Three-Day Meeting This Week
Beginning Tuesday, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at its offices in Norwalk, Connecticut. As mentioned in its Notice of Meetings , the GASB will review and discuss the following matters: Tentative minutes from GASB’s July 20th-22nd meeting and August 3rd teleconference; Proposed technical plan for the third quarter of 2015; The Preliminary Views, Leases and Financial Reporting for Fiduciary Responsibilities; Asset retirement obligations; The pre-ballot draft of the proposed Implementation Guide Update; and Statements No. 67, Financial Reporting for Pension Plans, and No. 68, Accounting and Financial Reporting for Pension Meetings will be open to the public. Read More.
GASB Looking to Update Government Debt Disclosures
At a recent American Institute of Certified Public Accountants-hosted Governmental Accounting and Auditing Update conference, the Governmental Accounting Standards Board (“GASB”) discussed the possible re-examination of its basic financial reporting model for state and local governments. The project includes deciding whether improvements are necessary for GASB Statement (GASBS) No. 34, Basic Financial Statements — and Management’s Discussion and Analysis—for State and Local Governments, and other declarations associated with the financial reporting model. While the guidance for management’s discussion and analysis, and government-wide and fund financial statements have been reviewed, the GASB is focused particularly on notes requiring state and local. Read More.
Melisa Galasso Featured in Government Finance Review
In the June edition of Government Finance Officers Association’s (“GFOA”) Government Finance Review, Cherry Bekaert Senior Manager Melisa Galasso makes an appearance as a guest author with her article, “Group Audits & Governments”. The six-page feature focuses on AU-C 600, Special Considerations — Audits of Group Financial Statements, and its significance in regard to group audit procedures. Key insight Melisa shares includes the use of terminology, implementation issues, communication with component auditors and other considerations when performing a group audit. Melisa’s article can be accessed and downloaded via the GFOA website.
Exposure Drafts on External Investment Pools and Component Units Issued
On Tuesday, June 30th, the Governmental Accounting Standards Board (“GASB”) issued the following exposure drafts: Accounting and Financial Reporting for Certain External Investment Pools. This exposure draft would allow certain external investment pools to assess pool investments at amortized cost for reporting purposes. The proposal would also provide additional note disclosure requirements that assess an external investment pool’s investments at amortized cost for financial reporting and governments participating in such pools. Disclosures would consist of information on limitations or restrictions concerning participant withdrawals. Comments on the exposure draft are due Monday, August 31st. Blending Requirements for Certain Component Units. Enhancing. Read More.
SEC Issues Concept Release on Audit Committee Disclosures
Issued by the Securities and Exchange Commission (“SEC”) for public comment is a concept release regarding the current audit committee disclosure requirements focused on the committee’s supervision of independent auditors. The SEC wants to know about the relationship between the audit committee and auditor, and whether changes can be made to improve the information investors are given concerning the audit committee’s responsibilities and activities. Comments are due 60 days from the concept release being published in the Federal Register.
GASB Statements for Reporting Health Insurance and Retiree Benefits Issued
Last week, the Governmental Accounting Standards Board (“GASB”) published the following two standards that improve how government entities disclose post-employment benefits other than pensions for accounting and financial reporting: GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. To assist stakeholders in implementing the Statements, the GASB has posted a “GASB in Focus” fact sheet with frequently asked questions and a video explaining the new standards’ key principles. Also released was GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets. Read More.