GASB published a proposed implementation guide that provides questions and answers about the board’s new standards for state and local government accounting and financial reporting for fiduciary activities.
The aim is to make financial reporting more useful for decision-making.
GASB issued a proposal that would provide implementation guidance for certain state and local government accounting standards.
Deborah Loveless and Kathryn Belfi receive awards.
Lease accounting rules for federal entities also were clarified.
The statement divides interests into investments and component units.
The Federal Accounting Standards Advisory Board (FASAB) is asking for public comment on a proposal to clarify the implementation of materiality concepts in the issuance of federal financial statements.
Variation in practice was a concern under existing rules.
GASB issued separate proposals that are designed to deliver targeted improvements to the financial reporting model and advance new concepts to guide the board in developing standards on recognition in state and local government financial statements.
Clarifying guidance issued by GASB explains that state and local governments are required to consider the definition of an acquisition in their accounting for majority equity interest in an organization.
Changes to the Yellow Book reinforce the principles of transparency and accountability.
A new Federal Accounting Standards Advisory Board proposal is designed to eliminate inconsistencies in the board’s guidance for federal entities’ accounting for inter-entity costs.
Under new rules proposed by GASB, state and local governments would use a single method to report conduit debt obligations and related obligations.
Pensions, post-employment benefits, and more are addressed.
The change could reduce reporting costs for some.
The revised standards are designed to provide a framework for high-quality work by government auditors.
Relevance and comparability are concerns, the chairman said.
State and local governments will provide new information to financial statement users under a standard GASB issued that establishes accounting rules for accounting for interest cost incurred before the end of a construction period.
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Direct borrowings and direct placements are to be presented separately.