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.
GASB Creates Web Page for Revenue and Expense Recognition
The Governmental Accounting Standards Board (“GASB”) has established a web page offering educational materials for its Invitation to Comment, Revenue and Expense Recognition. Such materials include several videos, a recorded webcast, a fact sheet, and the Invitation to Comment. Visit GASB.org to access the educational webpage. Please note that comments on the Invitation to Comment are due Friday, April 27.
GASB Chairman Discusses Ongoing Projects
In his latest “From the Chairman” article, Governmental Accounting Standards Board (“GASB”) chairman David Vaudt opens up about three projects the board is working on this year. The efforts cover the financial reporting model, revenue and expense recognition, and pre-agenda research on existing note disclosures. Vaudt says these projects will help reshape accounting and financial reporting for state and local governments, impact how revenue and expense are recognized in governments’ financial statements, and enable financial statement users to understand such statements better. Read Vaudt’s “From the Chairman” article on GASB.org.
Implementing GASB’s Fiduciary Activities Guidance
It has been a year since the Governmental Accounting Standards Board (“GASB”) issued GASB Statement No. 84, Fiduciary Activities , which helps classify fiduciary activities for financial reporting reasons. With the guidance going into effect for reporting periods starting after December 15, 2018, the GASB has released an article to help state and local governments prepare for implementing the new requirements. Visit GASB.org to read more about implementing the new fiduciary activities guidance.
GASB Offers Implementation Guidance on Leases Standard
The Governmental Accounting Standards Board’s (“GASB”) leases standard goes into effect late next year, but the board urges state and local governments to start the implementation planning process now. Issued last June, GASB Statement No. 87, Leases, significantly changes how governments report leases on their financial statements. To assist governments, the GASB has published implementation guidance concerning GASB Statement No. 87. Read all about it at GASB.org.
GASB Statement on Debt Disclosures Issued
A new Statement by the Governmental Accounting Standards Board (“GASB”) is aimed to improve debt disclosures in financial statement notes, such as those related to direct borrowings and direct placements. Issued as GASB Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements, the standard lists which liabilities governments should document in their disclosures associated with debt. The new guidance requires all debt disclosures should separate direct borrowings and direct placements of debt from other debt types. This requirement is due to direct borrowings and direct placements potentially exposing a government to risks different from or additional to risks associated with other debt types. For disclosure purposes, GASB Statement No. 88. Read More.