GASB Plans for Three-Day Meeting This Week
Beginning tomorrow, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting in Norwalk, Connecticut. Scheduled to start each day at 8:30 a.m., the meetings are expected to cover the preballot drafts of the Preliminary Views Leases and Fiduciary Responsibility for Financial Reporting, and Exposure Draft of the proposed Tax Abatement Disclosures, as well as fair value measurement and application, and matters related to pension plans not managed through trusts that meet certain criteria. With the exception of Wednesday’s late afternoon session, the meetings are open for public viewing. Attendees will be able to follow the meetings via live. Read More.
GASB Meeting Set for Monday
Planning to continue talks on lease accounting and Preliminary Views, the Governmental Accounting Standards Board (“GASB”) will meet Monday afternoon starting at 1:00 p.m. EST. Stated in its Notice of Meetings, the GASB will focus its lease accounting discussion on sale and leaseback accounting and financial reporting matters. In addition, board members will evaluate chapters of the pre-ballot draft of Preliminary Views, which is expected to be issued in November. To view the Notice of Meetings , visit the GASB website. Also take a moment to check out the Cherry Bekaert Government services industry page.
Users Mixed on Need for GASB Statement No. 42
Collecting information from Governmental Accounting Standards Board (“GASB”) stakeholders, and financial statement users and academics, an independent Financial Accounting Foundation (“FAF”) team recently performed a Post-Implementation Review (PIR) of GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries. Through its review, the team concluded that GASB No. 42 completely fixed some but not all issues essential to its need. Specifically, users have differing opinions on whether the standard establishes recognition criteria for impairments and requirements that properly assess the effects of impairments, both of which deemed necessary for capital asset impairments. Also,. Read More.
GASB Adds External Investment Pools to Pre-Research Agenda
Approved at its Friday meeting, the Governmental Accounting Standards Board (“GASB”) has added External Investment Pools to its pre-agenda research plan. In its research efforts, the GASB will review whether the reporting requirements for 2a7-like external investment pools that function as money market funds were impacted by recent Securities and Exchange Commission (“SEC”) regulation changes. The GASB hopes to acquire enough information to help decide whether a project should be added to its current technical agenda. In July, the SEC issued Release No. 33-9616, Money Market Fund Reform; Amendments to Form PF to lower the possibility of investors seeking money. Read More.
GASB to Hold Three-Day Meeting Next Week
Preparing for a three-day meeting next week, the Governmental Accounting Standards Board (“GASB”) has released its Notice of Meetings . Scheduled Wednesday through Friday, August 20th-22nd, GASB’s meeting will begin each day at 8:30 a.m. EST and cover topics like lessor/lessee recognition and measurement matters; fiduciary responsibilities; tax abatement disclosures; recognition issues concerning irrevocable charitable trusts; and the proposed technical plan for the rest of 2014. Cherry Bekaert has a team of professionals ready to serve governmental entities. Visit our Government page for more information.
New Auditing Interpretations Have Been Issued Related to GASB 67 and 68
The American Institute of Certified Public Accountants (“AICPA”) recently issued interpretation of certain standards related to implementation of Governmental Accounting Standards Board (“GASB”) Statements 67 and 68. Summaries of these interpretations follow. If you are interested in additional information regarding your specific circumstance, you can find the interpretations on the AICPA’s website. Interpretations to Audit Evidence Standard Interpretation No. 2, “Auditor of Participating Employer in a Governmental Cost-Sharing Multiple-Employer Pension Plan,” of AU-C section 500, Audit Evidence, answers two questions. The first clarifies that the audited financial statements of a cost-sharing plan prepared, in accordance with generally accepted accounting principles. Read More.