GASB Announces Fair Value Measurement and Application Webinars
Open for registration, the Governmental Accounting Standards Board (“GASB”) has announced the dates and times for two, one-hour educational webinars covering its exposure draft, Fair Value Measurement and Application . The first webinar, Fair Value Measurement and Application: A CPE Webinar for State and Local Government Financial Statement Preparers and Auditors, will occur on July 15th. On July 17th, the GASB will host its second webinar, Fair Value Measurement and Application: A Webinar for State and Local Government Financial Statement Users. Both webinars have a scheduled start time of 1:00 p.m. EST. Targeting areas related to their audiences, the webinars will cover topics like the proposed definition of fair. Read More.
Join Us for a Fair Value Exposure Draft Podcast and Share your Feedback
At Cherry Bekaert we work hard to serve as thought leaders, keeping you informed of discussions, standards and changes that impact you and your operations. As such we are pleased to present a podcast focusing on the Fair Value Measurement and Application exposure draft. As you may be aware, the Governmental Accounting Standards Board (“GASB”) has issued an exposure draft addressing fair value measurement accounting and financial reporting matters. Entitled Fair Value Measurement and Application, the exposure draft explains how to define the fair value, assets and liabilities to be measured, and what information regarding fair value should be disclosed in. Read More.
SEC’s Gallagher Wants More Pension Plan Accounting Amendments
Last month at the Municipal Securities Rulemaking Board’s securities regulator summit, the U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher voiced concerns over the Governmental Accounting Standards Board’s (“GASB”) lack of amendments regarding pension plan accounting for state and local governments. Despite praising GASB Statement (GASBS) No. 67, Financial Reporting for Pension Plans, and GASBS No. 68, Accounting and Financial Reporting for Pensions, for being a good starting point, the SEC Commissioner believes more amendments requiring state and local governments to publicly disclose complete range of their pension obligations and other post-employment benefits (OPEB) are necessary. Currently, it is estimated. Read More.
How Do I Measure Thee? Let Me Count the Ways…
In March, the Governmental Accounting Standards Board (“GASB”) issued Concepts Statement No. 6, Measurement of Elements of Financial Statements. Concepts Statements do not set accounting or financial reporting standards; they provide objectives and principles which GASB can use as a basis for establishing consistent accounting and financial reporting standards in the future. Any existing standards which are inconsistent with this statement are not changed by this statement. So, just how many ways are there to measure an asset or liability? First, there are two measurement approaches: Initial-Transaction-Date-Based (“initial amount”): Measurement is based on the transaction price or amount assigned when. Read More.
GASB Proposes Drafts on Pension Plan and Health Benefits
Expected to be released in mid-June, the Governmental Accounting Standards Board (“GASB”) has proposed three new exposure draft proposals. Voted on at the GASB’s recent meeting, two of the exposure drafts would improve state and local governments’ financial reporting for other postemployment benefits (OPEB), like retiree health insurance. Per the two OPEB drafts, governments would also be obligated to list net OPEB liabilities on their financial statements similar to the treatment for pensions under GASB 68. This is expected to improve the understanding of OPEB commitments from what government employers currently offer. The OPEB exposure drafts feature: Accounting and Financial. Read More.
AICPA’s SLGEP & Audit and Attest Standards Team Release New Auditing Interpretations
After hosting multiple discussions concerning the issues facing accounting and auditing implementation for government pension plans and participants, and their auditors due to the Governmental Accounting Standards Board’s (“GASB”) recent pension accounting standards, the American Institute of Certified Public Accountants (“AICPA”) State and Local Governments Expert Panel (“SLGEP”) and AICPA Audit and Attest Standards Team have come together to issue three auditing interpretations for guidance. The three audit interpretations are as follows: Interpretation No. 2, “Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan,” of AU-C section 500, Audit Evidence: This interpretation clarifies the audited financial statements of. Read More.