Financial Accounting Foundation 2016 Annual Report Issued
Now available for download and digital platforms is the Financial Accounting Foundation’s (“the Foundation”) 2016 Annual Report . The report highlights how last year’s standard-setting activities by the Financial Accounting Standards Board (“FASB”) and Governmental Accounting Standards Board (“GASB”) contributed to decisions made by those who rely on financial reporting. In addition, the 2016 Annual Report includes letters from FASB, GASB, and Foundation leaders, an overview of funding sources for all three organizations, and details on what the Foundation did to support standard-setting activities throughout 2016. An interactive digital version of the 2016 Annual Report includes a video for non-technical audiences entitled “The Importance of GAAP.” The tablet-friendly version also features listings of all three organizations’ advisory groups and their. Read More.
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.
James Brown and Kristopher Knight Appointed to GASB
The Financial Accounting Foundation’s Board of Trustees announced Tuesday the reappointment of James Brown to the Governmental Accounting Standards Board (“GASB”). A member of the GASB since 2012, Brown is a former partner at a regional, Missouri-based public accounting firm. He also served as the firm’s principal contact with the GASB prior to his departure. This will be Brown’s second term on the GASB. Also on Tuesday, the Board of Trustees appointed Kristopher Knight to the GASB. Knight was previously Delaware’s deputy secretary of state and the director of its Division of Corporations. He will replace outgoing member Jan Sylvis,. Read More.