GASB Issues New Implementation Guidance
Earlier this week, the Governmental Accounting Standards Board (“GASB”) published Implementation Guide No. 2017-1, Implementation Guidance Update–2017 . The guidance update addresses questions concerning recent GASB-issued standards and implementation issues. The update also replaces previously issued guidance, and features new questions and answers on the following matters: Cash flow reporting in regard to changes in an employer’s liability to employees for defined benefit pensions or defined benefit postemployment benefits other than pensions (“OPEB”) and an employer’s deferred outflows of resources and deferred inflows of resources related to pensions or OPEB The Financial Reporting Entity Pensions—Employer and Plan Accounting and Reporting Accounting and Financial Reporting for Certain Investments. Read More.
GASB Issues Proposed Implementation Guide
The Governmental Accounting Standards Board (“GASB”) seeks feedback on a proposed Implementation Guide to help clarify recent GASB Statements. Issued Wednesday, the proposed guide addresses the GASB’s latest accounting and reporting guidance involving pensions, cash flow statements, certain investments, external investment pools, tax abatements, and other topics. Also included in the guide are amendments to preceding implementation guidance. Comments on the Exposure Draft of Implementation Guide No. 201X-Y, Implementation Guidance Update—201X , are due Tuesday, January 31.
GASB Issues Measurement Guidance for Qualified External Investment Pools
On December 23rd, the Governmental Accounting Standards Board (“GASB”) published a standard that offers measurement guidance for some state and local government investment pools. Issued as GASB Statement (GASBS) No. 79, Certain External Investment Pools and Pool Participants, the standard allows qualified external investment pools to measure pool investments at their amortized cost. GASBS No. 79 is effective for financial statements for reporting periods that have begun since June 15th. State and local governments are encouraged to apply the statement for periods ahead of that date. The standard’s requirements to reduce the risk in a pool’s assets and the provisions. Read More.
GASB Adds External Investment Pools to Pre-Research Agenda
Approved at its Friday meeting, the Governmental Accounting Standards Board (“GASB”) has added External Investment Pools to its pre-agenda research plan. In its research efforts, the GASB will review whether the reporting requirements for 2a7-like external investment pools that function as money market funds were impacted by recent Securities and Exchange Commission (“SEC”) regulation changes. The GASB hopes to acquire enough information to help decide whether a project should be added to its current technical agenda. In July, the SEC issued Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF to lower the possibility of investors seeking money. Read More.