James Brown and Kristopher Knight Appointed to GASB
The Financial Accounting Foundation’s Board of Trustees announced Tuesday the reappointment of James Brown to the Governmental Accounting Standards Board (“GASB”). A member of the GASB since 2012, Brown is a former partner at a regional, Missouri-based public accounting firm. He also served as the firm’s principal contact with the GASB prior to his departure. This will be Brown’s second term on the GASB. Also on Tuesday, the Board of Trustees appointed Kristopher Knight to the GASB. Knight was previously Delaware’s deputy secretary of state and the director of its Division of Corporations. He will replace outgoing member Jan Sylvis,. Read More.
New Fiduciary Activities Guidance Issued for Governments
New guidance has been issued by the Governmental Accounting Standards Board (“GASB”) on the categorization of fiduciary activities for financial reporting, how fiduciary activities are to be reported, and when liabilities to beneficiaries must be disclosed. The standard, GASB Statement No. 84 , Fiduciary Activities, provides conditions for governments to classify their fiduciary activities. These conditions include determining whether a government controls the assets of the fiduciary activity and the beneficiaries wherein a fiduciary relationship is present. Other criteria are included for recognizing fiduciary component units and postemployment benefit agreements that are fiduciary activities. Any activity that meets the criteria stated in Statement 84. Read More.
Topics: Custodial Funds, fiduciary activities, fiduciary activity reporting, GASB Statement, Governmental Accounting Standards Board "GASB", Investment Trust Funds, Pension Trust Funds, postemp, Private-purpose Trust Funds
GASB Financial Reporting Model Invitation to Comment in the Works
Governmental Accounting Standards Board (“GASB”) Chairman David Vaudt has announced plans to issue an Invitation to Comment regarding its project to improve the financial reporting model. The Invitation to Comment, Financial Reporting Model Improvements—Governmental Funds, will help the GASB collect feedback to shape its financial reporting model project. Specifically, the GASB is focused on improving: Recognition approaches; Governmental funds statement of resource flows format; Specific terminology; Reconciliation to the government-wide statements; and Statement of cash flows (for certain recognition approaches). Comments are due to the GASB on Friday, March 31. More on the Invitation to Comment is available on GASB.org.
GASB Announces New Task Force
The Governmental Accounting Standards Board (“GASB”) has announced the formation of a revenue and expense recognition task force. Appointed by Chairman David Vaudt, the 23-person task force will create an application model for reporting revenues and expenses occurring from non-exchange, exchange, and exchange-like transactions. A complete list of the revenue and expense recognition task force members is available on GASB.org.
GASB Issues Statement on Asset Retirement Obligations
State and local governments seeking clear and consistent direction on asset retirement obligations received help this week in the form of Governmental Accounting Standards Board (“GASB”) Statement No. 83, Certain Asset Retirement Obligations. The new standard provides governmental entities accounting and financial reporting guidance for determining liabilities and corresponding deferred outflow of resources associated with asset retirement obligations. Per the guidance, an entity legally obligated to carry out future asset retirement activities associated with its tangible capital assets must recognize a liability and a corresponding deferred outflow of resources. GASB Statement 83 also lists the situations that cause these transactions to. Read More.
GASAC Appoints Four New Members
The Financial Accounting Foundation’s Board of Trustees has appointed the following members to the Governmental Accounting Standards Advisory Council (“GASAC”): Alan Conroy, executive director of the Kansas Public Employees Retirement System Karen Krop, senior director of Fitch Ratings Sue Osborn, mayor of Fenton, Michigan Larry Stafford, audit services manager of Clark County, Vancouver, Washington As GASAC members, they will be part of a 31-person committee offering the Governmental Accounting Standards Board guidance on technical issues, prioritizing projects, and other matters impacting accounting and financial reporting for state and local governments. The new appointees will serve two-year terms effective January 1,. Read More.