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.
New Debt Extinguishment Guidance Proposed for Governmental Entities
State and local governments could soon have new guidance when extinguishing debt in advance of its maturity date. The Governmental Accounting Standards Board has issued the Exposure Draft, Certain Debt Extinguishment Issues , which addresses transactions where existing resources are left in a trust for extinguishing debt. Stakeholders and others can submit comments on the Exposure Draft until Friday, October 28.
GASB Statement on Pollution Remediation Helps Financial Statement Users
A Post Implementation Review (“PIR”) by the Governmental Accounting Standards Board (“GASB”) has determined that GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, achieves its purpose of offering more reliable reporting of a government’s pollution remediation obligations. According to the PIR team, GASB Statement No. 49 resolves the main issues causing its stated need and provides financial statement users with valuable information. In addition, GASB Statement No. 49 attained its expected benefits, and no standard-setting process recommendations were offered. More on the Post Implementation Review of GASB Statement No. 49 is available in the news release.
GASB to Hold Meetings August 10-12
Beginning Wednesday, the Governmental Accounting Standards Board (“GASB”) will hold a series of meetings at its Norwalk offices. According to the GASB Notice of Meetings , the following topics will be discussed this week: The preballot draft of the proposed Exposure Draft, Certain Debt Extinguishments; The proposed Exposure Draft, Omnibus; Asset retirement obligations; Fiduciary activities; Leases; Financial reporting model; Revenue and expense recognition; and The GASB’s technical plan for the end of 2016. The GASB’s three-day meeting is expected to start Wednesday at 8:30 a.m. ET. With the exception of Thursday evening’s administrative session from 5:15 p.m. – 6:15 p.m. ET, all meeting sessions. Read More.
GASB Announces New Equity Interest Ownership Consultative Group
Governmental Accounting Standards Board (“GASB”) Chair David Vaudt recently appointed 16 professionals to a new consultative group that will help the board’s research examine equity interest ownership of legally separate businesses. The consultative group members serve various positions and include state auditors, college professors, accounting firm partners and managers, and chief financial officers. The full list of members are available on the GASB website.