GASB seeks comment on several issues

By Jeff Drew

GASB on Tuesday published an exposure draft covering a wide range of accounting and financial reporting issues discovered during the implementation and application of previous GASB pronouncements.

The Exposure Draft, Omnibus 20xx, covers issues including:

  • The effective date of Statement No. 87, Leases, to address concerns regarding interim financial reports
  • Reporting of intra-entity transfers of assets between a primary government employer and a component unit pension plan or other postemployment benefit (OPEB) plan
  • The applicability of Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not Within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68, as amended, and Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended, to reporting assets accumulated for pensions and OPEB
  • The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to pension and OPEB arrangements, and
  • Measurement of liabilities and assets, if any, related to asset retirement obligations in a government acquisition. 

Comments on the exposure draft are due by Oct. 4, 2019.

Jeff Drew (jeff.drew@aicpa-cima.com) is a JofA senior editor.

SPONSORED WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.