How to handle GASB implementation challenges
State and local government finance staffs have had to implement several new, significant GASB statements. Here are tips for handling the challenges.
Governmental
FASAB addresses intragovernmental exchanges and component reporting
Technical bulletins provide guidance for federal agencies.
GASB issues OPEB implementation guide
GASB issued a guide that addresses questions and answers about the new state and local government standard for other postemployment benefits.
Proposed federal standard designed to protect classified information
The FASAB issued a proposal that’s designed to protect national security information from being disclosed in publicly issued financial reporting by federal agencies.
GASB proposals address capitalization of interest costs, implementation
GASB issued separate proposals on capitalization of interest costs and an upcoming guide to implementing recent pronouncements.
FASAB addresses intragovernmental exchanges, component reporting
The Federal Accounting Standards Advisory Board addressed accounting for intragovernmental exchange transactions and assigning assets to component reporting entities.
CPAs awarded for outstanding service in government
The AICPA presented three CPAs with Outstanding CPA in Government Awards.
Federal agencies get new guidance related to PP&E opening balances
Federal agencies received new guidance for applying alternative methods in establishing opening balances for general property, plant and equipment.
FASAB establishes concepts for federal agencies’ financial reporting
The Federal Accounting Standards Advisory Board issued a new statement that establishes foundational concepts for federal agencies’ financial reporting.
Proposal would revise standards for recognition of federal agency inter-entity costs
FASAB's proposed rules would revise current standards for federal agencies to provide for recognition of inter-entity costs by business-type activities.
GASB proposes changes to debt disclosures
The information about debt disclosed by state and local governments would change if a new GASB proposal is approved.
GASB issues rules for accounting for certain debt extinguishment
Statement No. 86 applies in certain situations involving an irrevocable trust.
GASB establishes new approach for reporting leases
GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.
GASB omnibus addresses wide range of accounting issues
The new requirements take effect this month.
GAO proposes revisions to government auditing standards
The topics include competence, CPE, independence, quality control, and internal control.
GASB issues rules for accounting for certain debt extinguishment
New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.
GAO proposes revisions to government auditing standards
Requirements for auditors related to competence, continuing professional education, auditor independence, and other topics would change under revisions to Government Auditing Standards proposed by the U.S. GAO.
GASB addresses wide range of accounting issues
GASB issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
GASB introduces possible new approaches for governmental fund reporting
The proposal builds on 2 years of research.
GASB tackles asset retirement, proposes implementation guide
The board's fund balance reporting standard gets a positive review.
