Decisions from FASB’s January 25 Meeting
In addition to making progress on its hedge accounting project , the Financial Accounting Standards Board (“FASB”) made decisions at its January 25 meeting on the following projects: Agenda Consultation. After reviewing feedback on its Invitation to Comment, Agenda Consultation, and discussing research to conduct on intangible assets, pensions and other postretirement benefit plans, and distinguishing liabilities from equity, the FASB made no technical decisions. The FASB plans to discuss feedback on reporting performance and cash flows at a later meeting. Disclosure Framework: Disclosure Review—Income Taxes. No technical decisions were made concerning the summary of comments the FASB received regarding the proposed Accounting Standards Update, Income Taxes. Read More.
Topics: Agenda Consultation, Disclosure Framework, Financial Accounting Standards Board "FASB", Income Taxes (Topic 740), Intangible Assets, Invitation to Comment, liabilities and equity, Other Postemployment Benefits "OPEB", pensions
Implementation Guidance Proposed for OPEB Plans
An Exposure Draft has been issued on a proposed Implementation Guide aimed to clarify the requirements of Governmental Accounting Standards Board (“GASB”) Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The GASB’s proposed Implementation Guide features over 150 questions regarding the new standards on financial reporting for other postemployment benefit (“OPEB”) plans. The Exposure Draft for Implementation Guide No. 201X-X, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans , can be accessed on GASB.org. Comments are being accepted through Monday, December 19.
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.
FASB Seeks Feedback on Agenda Considerations
The Financial Accounting Standards Board (“FASB”) has released an Invitation to Comment regarding possible financial accounting and reporting topics to add to its agenda. The Invitation to Comment features potential issues and solutions on intangible assets, pensions and other post-retirement benefit plans, distinguishing liabilities from equity, and reporting performance and cash flows. In particular, the FASB is seeking feedback on whether improvement opportunities exist for the financial reporting issues raised in the Invitation to Comment, the priority and approach the board should take in addressing each issue, and if any other financial reporting areas not listed in the document should. Read More.
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 Opens Registration for OPEB Webinars
In the coming weeks, the Governmental Accounting Standards Board (“GASB”) will host two webinars focused on its exposure drafts, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, and Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Aimed for preparers and auditors, Other Postemployment Benefits (OPEB): A CPE Webinar for State and Local Government Financial Statement Preparers & Auditors, is scheduled for Wednesday, July 30th at 1:00 p.m. EST. GASB representatives Dean Mead, Scott Reeser and Michelle Czerkawski, the guest speakers will provide state and local government perspectives on the organization’s recent exposure drafts on OPEB. Targeting. Read More.