GASB issued a statement that is designed to help align the accounting and financial reporting of lease transactions more closely with their economic substance.
The new requirements take effect this month.
The topics include competence, CPE, independence, quality control, and internal control.
New rules issued by GASB address accounting for debt extinguishment prior to its maturity when bond proceeds are not used.
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 issued a new statement that addresses a wide range of accounting issues that have challenged state and local government financial statement preparers.
The proposal builds on 2 years of research.
The board's fund balance reporting standard gets a positive review.
Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.
The board issued a standard on retiree benefits in 2015.
The FASAB issued a proposal that would change the requirements for a reconciliation between budgetary and financial accounting information.
GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.
Omnibus 201X addresses practices of state and local governments.
FASAB wants useful reporting on intergovernmental and short-term leases.
A proposed implementation guide issued by GASB is designed to clarify, explain or elaborate on the board’s standards for state and local government financial reporting.
GASB’s standard for fund balance reporting and governmental fund type definitions for state and local governments achieves its purpose, a review panel has found.
The standard would unify handling of "in-substance defeasance."
The standard has been in place for 10 years.
Fran Lawrence, CPA, the CFO/deputy treasurer for the North Carolina State Treasurer, says you need to get creative in implementation planning.
GASB would provide answers to more than 150 questions about other post-employment benefit (OPEB) plan accounting in a newly proposed implementation guide.