General Purpose Preparer Checklist Updated
A checklist authored by the Government Finance Officers Association (“GFOA”) to help prepare comprehensive annual financial reports just received an update. General Purpose Preparer Checklist -2018 covers any pronouncements the Government Accounting Standards Board (“GASB”) has issued final documents up to GASB Statement No. 86, Certain Debt Extinguishment Issues. The updated checklist also references GASB Statement No. 84, Fiduciary Activities , even though the standard is not effective yet. One notable change to the GFOA checklist is the format. The complete list of required disclosures is replaced with a new reference tool to help locate any required disclosures in the authoritative literature. The tool will make it easier for preparers to. Read More.
FASB Proposes Codification Improvements
The Proposed Accounting Standards Update, Codification Improvements, has been issued by the Financial Accounting Standards Board (“FASB”) to help improve certain aspects of U.S. GAAP. Covered in the proposal are the following: Comprehensive Income – Overall (Subtopic 220-10): The proposal clarifies that the disclosure of tax benefits concerning deductible temporary differences and carryforwards resulting from a semi-reorganization as defined under Subtopic 852-20, are not considered comprehensive income. Debt—Modifications and Extinguishments (Subtopic 470-50): The proposal clarifies that when the fair value option is selected on extinguished debt, the extinguished debt’s net carrying amount matches its fair value at the reacquisition date.. Read More.
Topics: Business Combinations (Topic 805), Debt Extinguishment, Defined Contribution Pension Plans, Fair Value Measurement (Topic 820), FASB, Financial Accounting Standards Board "FASB", Stock Compensation (Topic 718)
GASB Offers Uniform Guidance on Certain Debt Extinguishment
The latest Governmental Accounting Standards Board (“GASB”) Statement establishes uniform guidance regarding certain debt repayment methods. Issued on May 15, GASB Statement No. 86, Certain Debt Extinguishment Issues, stems from Exposure Draft No. 19-25E, Certain Debt Extinguishment Issues, which was released in August. GASB Statement No. 86 offers state and local governments guidance pertaining to derecognizing debt defeased in substance. When debt is defeased in substance, debt and monetary assets placed in trust do not have to be disclosed in financial statements. However, governments must disclose information about debt defeased in substance in the financial statements’ notes. GASB Statement No. 86 also. Read More.
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 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 to Meet in Norwalk This Week
Starting today, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at its offices in Norwalk, Connecticut. According to the GASB Tentative Notice of Meetings , topics expected to be covered next week include debt extinguishments, financial reporting model alternatives for governmental funds, and fiduciary activities. All meeting sessions, with the exception of this evening’s administrative session at 5:15 – 6:00 p.m. EST, are open to the public and will be live streamed on the GASB website .