Jeffrey Previdi Appointed to GASB Vice Chairman
Former Standard & Poor’s Ratings Services municipal bond analyst Jeffrey Previdi has been appointed to Government Accounting Standards Board (“GASB”) vice chairman. Announced on May 17, Previdi will replace outgoing GASB member Jan Sylvis, who is retiring after serving for 10 years on the board. Previdi is expected to continue Sylvis’ outreach efforts to financial professionals and investors regarding the GASB’s standard-setting agenda. Previdi’s tenure as vice chairman begins on Saturday, July 1.
Implementation Guide Published for GASB Statement 74
Announced in its May 9 press release , the Governmental Accounting Standards Board (“GASB”) has released Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The Implementation Guide features answers to over 150 questions related to GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Download Implementation Guide No. 2017-2 at GASB.org.
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 Statement 85 Addresses Various Practice Issues
The Governmental Accounting Standards Board (“GASB”) has issued GASB Statement No. 85, Omnibus 2017, to address the following accounting and financial reporting matters: Merging a component unit when the main government is a business activity being disclosed in a single column for financial reporting purposes. Disclosing amounts that were previously reported as goodwill and negative goodwill. Categorizing real estate held by insurance companies. Assessing specific money market investments and contributing interest-earning investment contracts at amortized cost. Timing of the assessment of pension and other postemployment benefits (“OPEB”) liabilities, and associated expenditures identified in financial statements that are prepared with the. Read More.
GASB Takes Detailed Look at Financial Reporting
The Governmental Accounting Standards Board (“GASB”) is currently working on or performing research concerning three projects to improve financial reporting for governmental entities. Two of the interrelated efforts, Financial Reporting Model Reexamination and Revenue and Expense Recognition, are currently on the GASB’s technical agenda. The third project, the Note Disclosures Reexamination, was added to the GASB’s pre-agenda research. The GASB timed each project in a staggered way to work on them in unison to be issued successively and in a timely manner. More on the financial reporting projects is available on GASB.org.
Topics: financial reporting, Financial Reporting Model Reexamination, GASB, Governmental Accounting Standards Board "GASB", Governmental Entities, Note Disclosures Reexamination Project, revenue and expense recognition
GASB Chair Discusses Postemployment Benefits
In his latest edition of “From the Chairman”, the Governmental Accounting Standards Board’s (“GASB”) David Vaudt discusses how important it is for governmental entities to calculate the discount rate for measuring the net liability for postemployment benefits. The focus of Vaudt’s letter is the long-term expected rate of return, which he considers fundamental in determining the discount rate. Vaudt says that the long-term expected rate of return must be based on the nature and combination of present and anticipated postemployment benefit investments. Check out Vaudt’s full comments on GASB.org.