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Government

GASB Prepping Other Postemployment Benefits Implementation Guidance

Before the year ends, the Governmental Accounting Standards Board (“GASB”) is expected to release implementation guidance regarding other postemployment benefits (“OPEB”). The guidance will cover accounting and financial reporting for OPEB, as well as address issues concerning OPEB plans. Learn more about the upcoming OPEB implementation guidance at GASB.org.

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GASB Interviews New Member Kris Knight

On its YouTube channel, the Governmental Accounting Standards Board (“GASB”) has posted a video showcasing new board member Kris Knight. Kris is Delaware’s deputy secretary of state and joined the GASB in July. In the video, he discusses his current role and the challenges and opportunities the GASB face in reviewing the financial reporting model. Learn more about Kris Knight on the GASB’s YouTube channel.

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GASB Releases Fiduciary Activities Article

The Governmental Accounting Standards Board (“GASB”) recently published an article covering its new guidance for governmental entities to help identify fiduciary activities, and determine whether and how business-type activities must report fiduciary activities. The article, Statement 84: Understanding Costs and Benefits: Fiduciary Activities, explains the board’s assessment of the expected costs and benefits of GASB Statement No. 84, Fiduciary Activities, and how the GASB concluded that the expected benefits exceed the cost. In addition, the article covers the board’s due process in implementing GASB Statement No. 84 and summarizes the standard’s costs and benefits.

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GASB Issues Exposure Draft on Majority Equity Interests

New accounting and financial reporting guidance could be on the way for state and local governments with a majority equity interest in an organization that is legally separate following acquisition. In its recently issued Exposure Draft, Accounting and Financial Reporting for Majority Equity Interests,  the Governmental Accounting Standards Board (“GASB”) proposes that a government’s majority equity interest in a legally separate organization could be disclosed as an investment if the equity interest falls under the board’s definition of an investment. The equity method would be applied to majority equity interests that fit the definition of an investment, with the exception of certain situations. If a majority equity interest in a. Read More.

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