ASU No. 2014-14 to Help Creditors with Government-Guaranteed Mortgage Loans
Issued by the Financial Accounting Standards Board, Accounting Standards Update (ASU) No. 2014-14, Receivables – Troubled Debt Restructurings by Creditors (Subtopic 310-40): Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure, impacts creditors with government-guaranteed mortgage loans, counting those guaranteed by the Federal Housing Administration and the U.S. Department of Veterans Affairs. Per the ASU’s amendments, a mortgage loan is required to be derecognized and a separate other receivable be recognized upon foreclosure if the conditions below are met: The loan includes a government guarantee that is inseparable from the loan prior to foreclosure. The creditor plans to transfer the real. Read More.
Topics: Accounting Standards Update "ASU", Creditors, Debt Restructuring, Federal Housing Administration, Financial Accounting Standards Board "FASB", Foreclosure, Government-Guaranteed Mortgage Loans, U.S. Department of Veterans Affairs
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.
FAF Prepares for Quarterly Board of Trustees Meeting
Set for August 19th, the Financial Accounting Foundation (“FAF”) will hold its quarterly Board of Trustees meeting. Held in New York City, the meeting will feature presentations by FAF Chairman Jeffrey Diermeier, Financial Accounting Standards Board Chairman Russell Golden and Governmental Accounting Standards Board Chairman David Vaudt. While FAF meetings are usually open to the public, next week’s event will start with a closed portion for the Board of Trustees at 8:00 a.m. EST. Interested parties, however, will be able to live stream the meeting’s open portion from 10:20 a.m. to 11:20 a.m. EST. The FAF’s Notice of Meeting is available online.
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.
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.
Governments Warming to Bitcoin
As the world’s leading virtual currency, the use of Bitcoin is slowly becoming more mainstream within federal and state governments. Both entities are accepting its usage through regulations associated with other legitimate world currencies and specific state laws legalizing virtual currencies. While Bitcoin gains acceptability with larger governments and is used more by private businesses, there will likely be increased pressure on local governments to accept other virtual currency for local transactions. Although widespread Bitcoin use could be years away, a complete understanding of virtual currency’s benefits and risks may help in proper planning and implementing usage guidelines. Such efforts. Read More.