AICPA Publishes New Technical Questions and Answers
The following Technical Questions and Answers guidance was issued by the American Institute of Certified Public Accountants (“AICPA”) under Section 9160, Other Reporting Issues: Section 9160.31, Following Accounting Standards as Promulgated by FASB by a State or Local Governmental Entity. Section 9160.31 covers how an auditor should decide whether a government entity is following the applicable accounting standards. Section 9160.32, Reporting on Accounting Standards as Promulgated by FASB by a State or Local Government. Section 9160.32 offers guidance on how an auditor should report on a government entity’s financial statements, when the entity prepares its financial statements under the Financial. Read More.
Topics: AICPA, American Institute of Certified Public Accountants "AICPA", FASB, Financial Accounting Standards Board "FASB", GASB, Governmental Accounting Standards Board "GASB", state and local governments, Technical Questions & Answers, U.S. GAAP
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.
GASB Proposes Guidance for Fiduciary Activities, Certain Asset Retirement Obligations & Pension Issues
The Governmental Accounting Standards Board (“GASB”) recently issued the following three Exposure Drafts: Fiduciary Activities. This Exposure Draft would provide state and local governments guidance on what is considered fiduciary activities, the identification of liabilities to beneficiaries, and how to report fiduciary activities. The proposal would also improve consistency and comparability of fiduciary activity reporting, as well as the usefulness of fiduciary activity information in regard to assessing the responsibility of governments in their fiduciary roles. Comments on Fiduciary Activities are due Thursday, March 31st. Certain Asset Retirement Obligations. This Exposure Draft would provide guidance on how to determine the. Read More.
Topics: Actuarial Standards of Practice, Certain Asset Retirement Obligations, Exposure Drafts, fiduciary activity reporting, financial reporting, GASB Statement, Governmental Accounting Standards Board "GASB", Pension Plans, state and local governments
GASB Issues Measurement Guidance for Qualified External Investment Pools
On December 23rd, the Governmental Accounting Standards Board (“GASB”) published a standard that offers measurement guidance for some state and local government investment pools. Issued as GASB Statement (GASBS) No. 79, Certain External Investment Pools and Pool Participants, the standard allows qualified external investment pools to measure pool investments at their amortized cost. GASBS No. 79 is effective for financial statements for reporting periods that have begun since June 15th. State and local governments are encouraged to apply the statement for periods ahead of that date. The standard’s requirements to reduce the risk in a pool’s assets and the provisions. Read More.