GASB Omnibus Statement Proposed to Address Practice Issues
Newly proposed guidance by the Governmental Accounting Standards Board (“GASB”) seeks to address various reporting issues during the implementation of certain pronouncements. The Exposure Draft, Omnibus 201X, covers the following issues: Simplifications concerning the alternative measurement method for other postemployment benefits (“OPEB”). Reporting goodwill and negative goodwill. Disclosing on-behalf payments for pensions or OPEB in employer financial statements. Categorizing real estate for operations and investment reasons by insurance companies. Assessing specific money market investments and contributing interest-earning investment contracts at amortized cost. Comments on Omnibus 201X are due Wednesday, November 23. To download the Exposure Draft, visit the GASB website.
New Debt Extinguishment Guidance Proposed for Governmental Entities
State and local governments could soon have new guidance when extinguishing debt in advance of its maturity date. The Governmental Accounting Standards Board has issued the Exposure Draft, Certain Debt Extinguishment Issues , which addresses transactions where existing resources are left in a trust for extinguishing debt. Stakeholders and others can submit comments on the Exposure Draft until Friday, October 28.
GASB Statement on Pollution Remediation Helps Financial Statement Users
A Post Implementation Review (“PIR”) by the Governmental Accounting Standards Board (“GASB”) has determined that GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, achieves its purpose of offering more reliable reporting of a government’s pollution remediation obligations. According to the PIR team, GASB Statement No. 49 resolves the main issues causing its stated need and provides financial statement users with valuable information. In addition, GASB Statement No. 49 attained its expected benefits, and no standard-setting process recommendations were offered. More on the Post Implementation Review of GASB Statement No. 49 is available in the news release.
GASB to Hold Meetings August 10-12
Beginning Wednesday, the Governmental Accounting Standards Board (“GASB”) will hold a series of meetings at its Norwalk offices. According to the GASB Notice of Meetings , the following topics will be discussed this week: The preballot draft of the proposed Exposure Draft, Certain Debt Extinguishments; The proposed Exposure Draft, Omnibus; Asset retirement obligations; Fiduciary activities; Leases; Financial reporting model; Revenue and expense recognition; and The GASB’s technical plan for the end of 2016. The GASB’s three-day meeting is expected to start Wednesday at 8:30 a.m. ET. With the exception of Thursday evening’s administrative session from 5:15 p.m. – 6:15 p.m. ET, all meeting sessions. Read More.
GASB Announces New Equity Interest Ownership Consultative Group
Governmental Accounting Standards Board (“GASB”) Chair David Vaudt recently appointed 16 professionals to a new consultative group that will help the board’s research examine equity interest ownership of legally separate businesses. The consultative group members serve various positions and include state auditors, college professors, accounting firm partners and managers, and chief financial officers. The full list of members are available on the GASB website.
Jeffrey Previdi Appointed to GASB
Credit analyst Jeffrey Previdi has been appointed to the Governmental Accounting Standards Board (“GASB”). Announced by the Financial Accounting Foundation’s Board of Trustees on May 18, the former Standard & Poor’s Rating Services managing director will replace outgoing member William Fish when his service on the Board ends June 30, 2016. Previdi’s term begins July 1, 2016, and will extend through June 30, 2021. At the end of his term, he will be eligible for reappointment to an additional five years.