GASB Offers Implementation Guidance on Leases Standard
The Governmental Accounting Standards Board’s (“GASB”) leases standard goes into effect late next year, but the board urges state and local governments to start the implementation planning process now. Issued last June, GASB Statement No. 87, Leases, significantly changes how governments report leases on their financial statements. To assist governments, the GASB has published implementation guidance concerning GASB Statement No. 87. Read all about it at GASB.org.
GASB Statement on Debt Disclosures Issued
A new Statement by the Governmental Accounting Standards Board (“GASB”) is aimed to improve debt disclosures in financial statement notes, such as those related to direct borrowings and direct placements. Issued as GASB Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements, the standard lists which liabilities governments should document in their disclosures associated with debt. The new guidance requires all debt disclosures should separate direct borrowings and direct placements of debt from other debt types. This requirement is due to direct borrowings and direct placements potentially exposing a government to risks different from or additional to risks associated with other debt types. For disclosure purposes, GASB Statement No. 88. Read More.
7th Annual Local Government Benchmarking Survey
What new regulatory issues are most impactful to your entity? How is your entity addressing baby boomer retirement and staffing needs? Is your entity concerned about cybersecurity? Tell us about these issues and more! Speak your mind and let us know what is going on in your local government. The survey should take approximately 15 minutes to complete. Five (5) survey respondents will be randomly selected to win a free week of meals from Blue Apron ! Offer expires March 13, 2018. Recipients will be contacted by email 4 to 6 weeks after the survey closes.
College Alumni Boost Charitable Giving in 2017
According to the Council for Aid to Education’s recent Voluntary Support of Education survey, college alumni were happy to give back to their alma maters in 2017. For the fiscal year ending June 30, 2017, colleges and universities amassed $43.6 billion in charitable donations. The total is a 6.3 percent jump from 2016 and marks the highest fundraising total in the survey’s history. While foundations were the top source of voluntary support in 2017, the survey says that the 14.5 percent rise in alumni giving is responsible for most of last year’s growth. More on this survey is available on the Inside Higher Ed website.
GASB Article Focuses on Leases Standard
The Governmental Accounting Standards Board (“GASB”) has published an article on GASB Statement No. 87, Leases. Titled “Understanding Costs and Benefits,” the article covers the board’s assessment of the likely costs and benefits of its leases standard. The article also discusses how the GASB concluded that the expected benefits validate the costs, explains the board’s due process in approving Statement 87, and summarizes how governments should apply Statement 87. Issued in June 2017, GASB Statement No. 87 introduces a simplified approach to accounting for and disclosing leases by state and local governmental entities. The GASB based its standard on the belief that leases are. Read More.
GASB Seeks Feedback on Revenue and Expense Recognition Models
In its recently issued Invitation to Comment, Revenue and Expense Recognition, the Governmental Accounting Standards Board (“GASB”) requests feedback on a new revenue and expense recognition model. This comprehensive model would help state and local governments address various transactions and improve their comparisons of transaction accounting and reporting. The model will also provide financial report users more insightful information for making decisions and evaluating accountability. The Invitation to Comment discusses the following two models: Exchange/Nonexchange Model: This model’s classification process is based on the current definition of exchange transactions. The model’s recognition process would rely on current guidance for nonexchange. Read More.