GASB Statement on Pollution Remediation Helps Financial Statement Users
A Post Implementation Review (“PIR”) by the Governmental Accounting Standards Board (“GASB”) has determined that GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, achieves its purpose of offering more reliable reporting of a government’s pollution remediation obligations. According to the PIR team, GASB Statement No. 49 resolves the main issues causing its stated need and provides financial statement users with valuable information. In addition, GASB Statement No. 49 attained its expected benefits, and no standard-setting process recommendations were offered. More on the Post Implementation Review of GASB Statement No. 49 is available in the news release.
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.