GASB Issues Implementation Guide No. 2016-1
The Governmental Accounting Standards Board (“GASB”) has published Implementation Guide No. 2016-1, Implementation Guidance Update–2016 (Implementation Guide), to address questions concerning newly issued GASB Statements on fair value and tax abatement disclosures. Effective for reporting periods starting after June 15, 2016, the Implementation Guide also covers issues on other topics the GASB has been made aware of, and reinstates previous questions and answers that were updated for recently issued standards on pensions and other postemployment benefits. Implementation Guide No. 2016-1 is available on the GASB Web site.
GASB Issues Standard for Irrevocable Split-Interest Agreements
Yesterday, the Governmental Accounting Standards Board (“GASB”) issued GASB Statement No. 81, Irrevocable Split-Interest Agreements. Statement No. 81 addresses when irrevocable split-interest agreements represent an asset for reporting purposes when the resources are managed by a third party. The standard also offers guidance for situations in which the government is the asset holder. GASB Chairman David Vaudt said the guidance will lead to more consistent accounting for irrevocable split-interest agreements and give users access to more comparable information. Government entities are required to apply the new guidance retroactively for reporting periods beginning after December 15, 2016. Early application is encouraged.. Read More.
GASB to Hold Four-Day Meeting Next Week
From Monday to Thursday next week, the Governmental Accounting Standards Board (“GASB”) will meet to discuss several topics pertinent to its current agenda. As mentioned in its Tentative Notice of Meetings , the GASB is scheduled to review the following: Feedback from the Governmental Accounting Standards Advisory Council on technical agenda projects; A ballot draft of a final Statement, Pension Issues; The financial reporting model; Debt extinguishment issues, particularly recognition issues related to defeasances using existing resources; and Results from the pre-agenda research concerning Revenue Recognition from Exchange and Exchange-Like Transactions. The first meeting is expected to start Monday afternoon at 1:00 p.m. EST.. Read More.
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.