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GASB Omnibus Statement Proposed to Address Practice Issues

Newly proposed guidance by the Governmental Accounting Standards Board (“GASB”) seeks to address various reporting issues during the implementation of certain pronouncements. The Exposure Draft, Omnibus 201X, covers the following issues: Simplifications concerning the alternative measurement method for other postemployment benefits (“OPEB”). Reporting goodwill and negative goodwill. Disclosing on-behalf payments for pensions or OPEB in employer financial statements. Categorizing real estate for operations and investment reasons by insurance companies. Assessing specific money market investments and contributing interest-earning investment contracts at amortized cost. Comments on Omnibus 201X  are due Wednesday, November 23. To download the Exposure Draft, visit the GASB website.

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