FAF Trustees Continue GASB Scope of Authority Policy
The Financial Accounting Foundation’s (“FAF”) Board of Trustees recently approved the continuation of the Governmental Accounting Standards Board’s (“GASB”) scope of authority policy. The report, Three-Year Review of GASB Scope of Authority: Consultation Process Policy, offers the GASB and FAF’s Standard-Setting Process Oversight Committee a pre-agenda consultation roadmap for deciding whether information the GASB considers for standard-setting purposes fits the board’s standard-setting mission. The report also orders the FAF to assess the consultation process three years after implementation.
GASB Offers Uniform Guidance on Certain Debt Extinguishment
The latest Governmental Accounting Standards Board (“GASB”) Statement establishes uniform guidance regarding certain debt repayment methods. Issued on May 15, GASB Statement No. 86, Certain Debt Extinguishment Issues, stems from Exposure Draft No. 19-25E, Certain Debt Extinguishment Issues, which was released in August. GASB Statement No. 86 offers state and local governments guidance pertaining to derecognizing debt defeased in substance. When debt is defeased in substance, debt and monetary assets placed in trust do not have to be disclosed in financial statements. However, governments must disclose information about debt defeased in substance in the financial statements’ notes. GASB Statement No. 86 also. Read More.
Jeffrey Previdi Appointed to GASB Vice Chairman
Former Standard & Poor’s Ratings Services municipal bond analyst Jeffrey Previdi has been appointed to Government Accounting Standards Board (“GASB”) vice chairman. Announced on May 17, Previdi will replace outgoing GASB member Jan Sylvis, who is retiring after serving for 10 years on the board. Previdi is expected to continue Sylvis’ outreach efforts to financial professionals and investors regarding the GASB’s standard-setting agenda. Previdi’s tenure as vice chairman begins on Saturday, July 1.
Implementation Guide Published for GASB Statement 74
Announced in its May 9 press release , the Governmental Accounting Standards Board (“GASB”) has released Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. The Implementation Guide features answers to over 150 questions related to GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Download Implementation Guide No. 2017-2 at GASB.org.
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.
GASB to Meet in Norwalk This Week
Starting today, the Governmental Accounting Standards Board (“GASB”) will hold a three-day meeting at its offices in Norwalk, Connecticut. According to the GASB Tentative Notice of Meetings , topics expected to be covered next week include debt extinguishments, financial reporting model alternatives for governmental funds, and fiduciary activities. All meeting sessions, with the exception of this evening’s administrative session at 5:15 – 6:00 p.m. EST, are open to the public and will be live streamed on the GASB website .