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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.

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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 sday@cbh.com . 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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GASB Issues New Guidance for Pension Accounting Standards

The Governmental Accounting Standards Board (“GASB”) has issued guidance to improve consistency regarding the application of its recent pension standards. GASB Statement No. 82, Pension Issues, addresses implementation issues concerning: GASB No. 67, Financial Reporting for Pension Plans; GASB No. 68, Accounting and Financial Reporting for Pensions; and GASB No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68. Specifically, the amendments focus on the presentation of payroll upon which pension plan contributions are based in the supplementary information of financial statements. The new guidance also clarifies that a. Read More.

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