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.
GASB Proposes Guidance for Fiduciary Activities, Certain Asset Retirement Obligations & Pension Issues
The Governmental Accounting Standards Board (“GASB”) recently issued the following three Exposure Drafts: Fiduciary Activities. This Exposure Draft would provide state and local governments guidance on what is considered fiduciary activities, the identification of liabilities to beneficiaries, and how to report fiduciary activities. The proposal would also improve consistency and comparability of fiduciary activity reporting, as well as the usefulness of fiduciary activity information in regard to assessing the responsibility of governments in their fiduciary roles. Comments on Fiduciary Activities are due Thursday, March 31st. Certain Asset Retirement Obligations. This Exposure Draft would provide guidance on how to determine the. Read More.
Topics: Actuarial Standards of Practice, Certain Asset Retirement Obligations, Exposure Drafts, fiduciary activity reporting, financial reporting, GASB Statement, Governmental Accounting Standards Board "GASB", Pension Plans, state and local governments
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.
Revised GASB Codification and GARS Online Delayed
The Governmental Accounting Standards Board (“GASB”) has delayed the recent edition of its Codification and Original Pronouncements and the June update to the Governmental Accounting Research System (GARS) and GARS Online to March 2016. The delay is due to the Codification requiring extensive revisions to be in line with the new GAAP hierarchy under GASB Statement No. 76 , The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments.
New GASB Pension Rules’ Impact on Bond Ratings
Affecting state and local governments that issue bonds assessed by rating agencies, Governmental Accounting Standards Board (“GASB”) Statements No. 67 and No. 68 feature new pension reporting rules that add significant liabilities to governmental balance sheets. Effective earlier this year, the new rules have concerned numerous plan sponsors, as well as are potentially detrimental to government budgets that rely heavily on state and municipal bonds for funding. However, the new reporting rules will not impact most public plan sponsors’ credit ratings, and each locality should become aware of what rating agencies are intending to do. For the full article , visit the. Read More.
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.