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GASB to Issue Debt Disclosures Exposure Draft

An Exposure Draft by the Governmental Accounting Standards Board (“GASB”) is on the way covering debt disclosures. The Exposure Draft, Debt Disclosures, including Direct Borrowing, addresses concerns over the consistency of direct borrowing disclosures by government entities. As a result, the GASB has proposed a definition of “debt” to differentiate it from other long-term liabilities in the footnotes of financial statements. The Exposure Draft is expected to be approved later this month, and will have a 90-day comment period. A final GASB Statement is scheduled for next spring. Further details on the Exposure Draft are available on GASB.org.

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Exposure Draft on SSARS 21 Section 90 Issued

The American Institute of Certified Public Accountants has proposed changes to Statements on Standards for Accounting and Review Services (“SSARS”) 21, Clarification and Recodification, AR-C section 90, Review of Financial Statements. Issued as the exposure draft, Proposed Statement on Standards for Accounting and Review Services, Amendment to Statement on Standards for Accounting and Review Services No. 21 Section 90, Review of Financial Statements, the proposal would amend paragraphs .05, .81-.82 and .A128-.A131 of AR-C section 90. Other changes proposed include clarifications to the “supplementary information” definition, and updates to the accountant’s reporting responsibilities when such information is part of the. Read More.

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Exposure Drafts on Retirement Benefits Issued

Announced on January 26th , the following Exposure Drafts have been issued by the Financial Standards Accounting Board: Proposed Accounting Standards Update (ASU), Compensation—Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . Proposed ASU, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Changes to the Disclosure Requirements for Defined Benefit Plans . Comments on these Exposure Drafts are due Monday, April 25th. Electronic Feedback Forms are available to submit comments regarding the proposed ASUs on Compensation—Retirement Benefits (Topic 715) and Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20) .

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Participants Sought for GASB Field Test

The Governmental Accounting Standards Board (“GASB”) is seeking participants for a field test of its Exposure Draft, Certain Asset Retirement Obligations . The Exposure Draft includes proposed changes to the accounting and financial reporting of certain asset retirement obligations by state and local governments. Any state or local government that reports asset retirement obligations or such entities that could be impacted by the GASB’s proposal are encouraged to participate. Specifically, the GASB wants feedback from governmental financial statement preparers on the following: Possible implementation issues; Related costs of the initial and continuing implementation of the proposed guidance; and Whether any requirements of the proposed guidance are. Read More.

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GASB Plans for Three-Day Meeting This Week

Beginning tomorrow, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting in Norwalk, Connecticut. Scheduled to start each day at 8:30 a.m., the meetings are expected to cover the preballot drafts of the Preliminary Views Leases and Fiduciary Responsibility for Financial Reporting, and Exposure Draft of the proposed Tax Abatement Disclosures, as well as fair value measurement and application, and matters related to pension plans not managed through trusts that meet certain criteria. With the exception of Wednesday’s late afternoon session, the meetings are open for public viewing. Attendees will be able to follow the meetings via live. Read More.

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Exposure Draft for Proposed SSAE on Internal Controls Issued

An exposure draft on proposed Statement on Standards for Attestation Agreements (SSAE), Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control Over Financial Reporting: Clarification and Recodification has been issued by the American Institute of Certified Public Accountants’ (“AICPA”) Auditing Standards Board (“the Board”). Issued as part of the Board’s clarity drafting project, the proposed SSAE will replace AT section 801, Reporting on Controls at a Service Organization, and relate to a service auditor’s examination engagements when reporting on controls at organizations that offer services to user entities when such controls could apply. Read More.

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