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GASB Chairman Offers Financial Reporting Model Update

In his “From the Chairman” column for the latest GASB Outlook newsletter, Governmental Accounting Standards Board (“GASB”) Chairman David Vaudt provides an update to the financial reporting model. Vaudt discusses what the GASB has done since issuing an Invitation to Comment last year, such as holding five public hearings and providing updates around the country. He also mentions the GASB’s plans this summer to redeliberate feedback from stakeholders and the public hearings. Vaudt’s “From the Chairman” column can be read at GASB.org.

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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.

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GASB to Hold Three-Day Meeting Starting Tomorrow

Beginning Tuesday, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at the Financial Accounting Foundation’s offices in Norwalk, Connecticut. According to its Notice of Meetings , the GASB will discuss the following topics: The final statement, Certain Asset Retirement Obligations The proposed Exposure Draft, Implementation Guide No, 201X-X, Implementation Guidance Update—201x-x The Exposure Draft, Leases A review of the preballot draft of the Invitation to Comment, Financial Reporting Model Improvements-Governmental Funds Debt Disclosures, including Direct Borrowing—Reexamination of Statement Nos. 34, 38, and 62 Revenue and expense recognition Daily meetings are expected to start at 8:30 a.m. ET. With the exception. Read More.

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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.

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GASB to Hold Four-Day Meeting Next Week

From Monday to Thursday next week, the Governmental Accounting Standards Board (“GASB”) will meet to discuss several topics pertinent to its current agenda. As mentioned in its Tentative Notice of Meetings , the GASB is scheduled to review the following: Feedback from the Governmental Accounting Standards Advisory Council on technical agenda projects; A ballot draft of a final Statement, Pension Issues; The financial reporting model; Debt extinguishment issues, particularly recognition issues related to defeasances using existing resources; and Results from the pre-agenda research concerning Revenue Recognition from Exchange and Exchange-Like Transactions. The first meeting is expected to start Monday afternoon at 1:00 p.m. EST.. Read More.

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