GASB Accounting Requirements

Topics

June 28, 2017

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.

March 20, 2017

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.

January 4, 2017

GASB introduces possible new approaches for governmental fund reporting

Three possible alternative recognition approaches for governmental fund reporting are included in an Invitation to Comment issued by GASB.

December 7, 2016

GASB issues guidance on asset retirement obligations

GASB issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.

November 30, 2016

GASB proposes implementation guidance

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.

November 16, 2016

GASB fund balance reporting standard gets positive review

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.

August 29, 2016

GASB proposal seeks uniformity in accounting for early debt extinguishment

Accounting requirements for state and local governments for early extinguishment of debt would become more consistent under a proposal issued by the Governmental Accounting Standards Board.

August 1, 2016

Getting familiar with OPEB

GASB’s new accounting standards for other postemployment benefits (OPEB) are significantly different from previous standards for state and local governments.

April 11, 2016

GASB addresses pension accounting practice issues

GASB issued guidance to address practice issues encountered during implementation of its new pension accounting rules for state and local governments.

April 1, 2016

Proposal would change governments’ lease approaches

GASB proposes a principle for reporting.

March 29, 2016

GASB issues accounting guidance for irrevocable split-interest agreements

GASB issued recognition and measurement guidance that aims to lead to more consistent accounting for irrevocable split-interest agreements.

March 24, 2016

GASB implementation guidance addresses issues with recent standards

GASB issued implementation guidance that is intended to clarify, explain, or elaborate on recent standards issued for state and local government financial reporting.

March 1, 2016

GASB moves to reduce confusion for external investment pools

A new standard preserves the amortized cost accounting option.

December 23, 2015

GASB moves to reduce confusion for external investment pools

Many state and local government external investment pools—and participants in those pools—will continue to qualify for amortized cost accounting under new guidance from GASB.

October 14, 2015

GASB proposes pension standards relief for certain governments

Some governments with multiple-employer defined benefit pension plans have found it difficult to comply with GASB’s new pension accounting standards.

September 1, 2015

GASB to take a fundamental look at financial statements

The Governmental Accounting Standards Board will review the foundation of the financial reporting model for state and local governments.

August 14, 2015

GASB issues standard requiring disclosure of government tax incentives

Tax incentives provided to businesses and individuals will be disclosed in more detail in state and local government financial statements as a result of new GASB rules.

August 1, 2015

GASB unveils new rules for reporting on retiree benefits

OPEB standards provide transparency for post-employment health care obligations.

June 30, 2015

GASB addresses investment pools and component units

GASB issued two proposals that are designed to prevent confusion about external investment pool accounting and clarify requirements for presentation of certain component units.

June 30, 2015

GASB establishes new GAAP hierarchy for governmental accounting

The Governmental Accounting Standards Board issued new guidance that cuts in half the number of categories of authoritative GAAP for state and local government financial reporting.