GASB Issues Statement on Asset Retirement Obligations
State and local governments seeking clear and consistent direction on asset retirement obligations received help this week in the form of Governmental Accounting Standards Board (“GASB”) Statement No. 83, Certain Asset Retirement Obligations. The new standard provides governmental entities accounting and financial reporting guidance for determining liabilities and corresponding deferred outflow of resources associated with asset retirement obligations. Per the guidance, an entity legally obligated to carry out future asset retirement activities associated with its tangible capital assets must recognize a liability and a corresponding deferred outflow of resources. GASB Statement 83 also lists the situations that cause these transactions to. Read More.
GASAC Appoints Four New Members
The Financial Accounting Foundation’s Board of Trustees has appointed the following members to the Governmental Accounting Standards Advisory Council (“GASAC”): Alan Conroy, executive director of the Kansas Public Employees Retirement System Karen Krop, senior director of Fitch Ratings Sue Osborn, mayor of Fenton, Michigan Larry Stafford, audit services manager of Clark County, Vancouver, Washington As GASAC members, they will be part of a 31-person committee offering the Governmental Accounting Standards Board guidance on technical issues, prioritizing projects, and other matters impacting accounting and financial reporting for state and local governments. The new appointees will serve two-year terms effective January 1,. Read More.
GASB Issues Proposed Implementation Guide
The Governmental Accounting Standards Board (“GASB”) seeks feedback on a proposed Implementation Guide to help clarify recent GASB Statements. Issued Wednesday, the proposed guide addresses the GASB’s latest accounting and reporting guidance involving pensions, cash flow statements, certain investments, external investment pools, tax abatements, and other topics. Also included in the guide are amendments to preceding implementation guidance. Comments on the Exposure Draft of Implementation Guide No. 201X-Y, Implementation Guidance Update—201X , are due Tuesday, January 31.
Review Says GASB Statement on Fund Balance Reporting Achieves Purpose
A Post-Implementation Review (“PIR”) of the expected benefits of Governmental Accounting Standards Board (“GASB”) Statement No. 54, Fund Balance Reporting and Governmental Fund Type Definitions, has determined that the standard achieves its purpose. In a report this week, the PIR team reached the following conclusions on the 2009-issued statement: Statement No. 54 resolved the key issues underlying its need, such as introducing clearer fund balance classifications and fund type definitions. Despite some reported difficulty in differentiating between committed and assigned fund balanced, the statement is viewed as an improvement from previous literature. The statement offers financial statement users with beneficial. Read More.
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.
Implementation Guidance Proposed for OPEB Plans
An Exposure Draft has been issued on a proposed Implementation Guide aimed to clarify the requirements of Governmental Accounting Standards Board (“GASB”) Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The GASB’s proposed Implementation Guide features over 150 questions regarding the new standards on financial reporting for other postemployment benefit (“OPEB”) plans. The Exposure Draft for Implementation Guide No. 201X-X, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans , can be accessed on GASB.org. Comments are being accepted through Monday, December 19.