GASB Statement on Blending Component Units into Financial Statements Issued
Offering guidance on how certain nonprofit component units should be disclosed in financial statements, the Governmental Accounting Standards Board (“GASB”) has issued GASB Statement No. 80, Blending Requirements for Certain Component Units. GASB Statement No. 80 clarifies the display requirements in GASB Statement No. 14, The Financial Reporting Entity, by calling for these component units to be incorporated into the main state or local government’s financial statements similarly to a department or activity under the primary government. The new guidance also focuses on reducing diversity in practice concerning the presentation of nonprofit organizations wherein the primary government is the lone. Read More.
Highlights from GASB’s January Meeting
During a two-day meeting last month at its offices in Norwalk, Connecticut, the Governmental Accounting Standards Board (“GASB”) discussed the following topics: Leases. The GASB tentatively decided that the Exposure Draft, Leases, should include governments with principal ongoing operations consisting of leasing assets to other entities. Such governments should be required to disclose upcoming lease payments that are part of the lease receivable, presenting principal and interest separately. Blending Requirements for Certain Component Units. After reviewing a preballot draft of a final Statement, Blending Requirements for Certain Component Units, the GASB made clarifying revisions on the draft document. Irrevocable Split-Interest. Read More.
Topics: Blending Requirements for Certain Component Units, Debt Extinguishment, financial reporting, Governmental Accounting Standards Board "GASB", Implementation Guide 20XX-XX, Irrevocable Split-Interest Agreements, lease accounting
GASB Appoints 2016 Academic Fellow
The Governmental Accounting Standards Board (“GASB”) has announced the appointment of Dr. William Baber to its Academic Fellow for 2016. Dr. Baber is a professor at Georgetown University’s McDonough School of Business, and has over 30 years of experience teaching financial and managerial accounting at various colleges and universities. Prior to his academic career, he was an auditor and consultant with a national accounting firm in Washington, D.C. Regarding Dr. Baber’s appointment, Cherry Bekaert Senior Audit Manager Melisa Galasso remarked, “I am excited to see Professor Baber’s passion for the accounting industry acknowledged with this appointment. As a former colleague, I know. Read More.
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.