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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.

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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.

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Financial Accounting Foundation 2015 Annual Report Published

Available for download is the Financial Accounting Foundation’s (“the Foundation”; “FAF”) 2015 Annual Report, “Serving the Financial Statement User.” The Annual Report highlights how the Foundation, Financial Accounting Standards Board, and Governmental Accounting Standards Board serve capital markets by developing high-quality accounting standards that help financial statement users make sound decisions. In addition, the FAF’s report includes profiles of 16 financial statement users discussing why such standards are essential to their everyday work. Read more by downloading the FAF’s 2015 Annual Report .

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Jeffrey Previdi Appointed to GASB

Credit analyst Jeffrey Previdi has been appointed to the Governmental Accounting Standards Board (“GASB”). Announced by the Financial Accounting Foundation’s Board of Trustees on May 18, the former Standard & Poor’s Rating Services managing director will replace outgoing member William Fish when his service on the Board ends June 30, 2016. Previdi’s term begins July 1, 2016, and will extend through June 30, 2021. At the end of his term, he will be eligible for reappointment to an additional five years.


GASB Forms Going Concern Consultative Group

The Governmental Accounting Standards Board (“GASB”) has formed a consultative group to assist with its research in the reassessment of the going concern disclosures of GASB Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards. Appointed by David Vaudt, the consultative group will offer guidance and feedback to GASB staff members during the research process, as well as review drafts of the research materials. The full list of the going concern consultative group members is available on the GASB website.

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Annual Government Seminar Presentations Available for Download

Cherry Bekaert recently concluded our Annual Government Seminar Series, which took place in Newport News, Richmond, Roanoke and Virginia Beach. This year’s presentations included a range of timely topics such as the latest news from the Governmental Accounting Standards Board and cyber security. We invite to you view the full presentations linked below. For questions or to discuss how this information can help your governmental organization, feel free to contact Sharon Day at . Presentations 2016 GASB Update Governments in the News Outline Cyber Security – Identifying the Risks and Your Responsibilities Lessons Learned from Financial Reporting and Compliance including Pensions

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