GASB Issues New Implementation Guidance
Earlier this week, the Governmental Accounting Standards Board (“GASB”) published Implementation Guide No. 2017-1, Implementation Guidance Update–2017 . The guidance update addresses questions concerning recent GASB-issued standards and implementation issues. The update also replaces previously issued guidance, and features new questions and answers on the following matters: Cash flow reporting in regard to changes in an employer’s liability to employees for defined benefit pensions or defined benefit postemployment benefits other than pensions (“OPEB”) and an employer’s deferred outflows of resources and deferred inflows of resources related to pensions or OPEB The Financial Reporting Entity Pensions—Employer and Plan Accounting and Reporting Accounting and Financial Reporting for Certain Investments. Read More.
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
GASB Issues Proposed Implementation Guide
The Governmental Accounting Standards Board (“GASB”) seeks feedback on a proposed Implementation Guide to help clarify recent GASB Statements. Issued Wednesday, the proposed guide addresses the GASB’s latest accounting and reporting guidance involving pensions, cash flow statements, certain investments, external investment pools, tax abatements, and other topics. Also included in the guide are amendments to preceding implementation guidance. Comments on the Exposure Draft of Implementation Guide No. 201X-Y, Implementation Guidance Update—201X , are due Tuesday, January 31.
FASB to Release Discussion Paper on Future Projects
With work on several major accounting standards near completion, the Financial Accounting Standards Board (“FASB”) is looking to add four more projects to its agenda. The accounting board agreed on February 3rd to issue for public comment a discussion paper on standard-setting projects concerning pensions, intangible assets, liabilities and equity, and performance reporting. Each project would require a substantial undertaking, as they address heavily criticized areas of accounting. The discussion paper is expected to be released by mid-year. In regard to the issuance of the paper, FASB Chairman Russell Golden said the FASB must consider the possible impact on its. Read More.