GASB provides guidance for LIBOR transition
GASB issued a standard that is designed to assist state and local governments in the transition away from existing interbank offered rates (IBORs) to other reference rates.
Governmental
GASB considers postponing effective dates
GASB is considering postponing all statement and implementation guide provisions with an effective date that begins on or after reporting periods beginning after June 15, 2018, as a result of the coronavirus pandemic.
GASB addresses certain component unit criteria, deferred compensation plans
A proposal issued by GASB addresses certain component unit criteria and accounting for certain Internal Revenue Code Sec. 457 deferred compensation plans.
GASB proposes criteria for financial statement disclosures
GASB issued a proposed concepts statement that would establish new criteria for what state and local governments should disclose in the notes to their financial statements.
FASAB clarifies loss allowance for intragovernmental receivables
A technical bulletin issued by the FASAB clarified accounting guidance for federal governmental entities on the loss allowance for intragovernmental receivables.
New GASB standard addresses lease accounting, OPEB, other issues
Issues for state and local governments related to lease accounting, other post-employment benefits (OPEB), and other topics were addressed in an omnibus standard issued by GASB.
GASB selects Mauldin & Jenkins’s Black as next chair
GASB has selected Joel Black, CPA, partner-in-charge of the audit practice at accounting firm Mauldin & Jenkins LLC in Atlanta, as its next chair.
Proposal would delay lease accounting effective date for federal entities
FASB’s standard for accounting for leases would be delayed for two years under a proposal issued Wednesday.
New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
The nonauthoritative guidance addresses recent revisions.
CPA honored for longtime contributions in government
Andy Nielsen received the 2019 Outstanding CPA in Government Career Contribution Award for significant contributions to the CPA profession through government service at the local, state, or federal level over a candidate’s career.
GASB addresses lease accounting
A new guide contains Q&As to assist in implementation.
FASAB addresses multiple issues in omnibus amendments
A new accounting standard for federal government agencies eliminates the required stewardship information category and updates references to lease accounting.
IASB, GASB address interbank-offered rate phaseout
The IASB and GASB acted to help financial statement preparers with the phaseout of interbank-offered rates that are used as interest rate benchmarks.
New TQAs discuss 2019 Compliance Supplement’s guidance for performing single audits
New guidance for performing single audits is contained in the Office of Management and Budget’s 2019 Compliance Supplement.
GASB proposes changes to Sec. 457 plan reporting
The board also published an implementation guide.
FASAB clarifies cleanup cost liabilities guidance
A new interpretation of Federal Financial Accounting Standards is designed to clarify the application of cleanup cost liability standards when multiple component reporting entities are involved.
GASB issues lease accounting implementation guide
State and local governments received implementation guidance for the Governmental Accounting Standards Board’s lease accounting standard.
GASB proposes guidance for subscription-based IT arrangements
Cloud and remote-access computing are growing more popular.
Lessee accounting for governments: An in-depth look
These practical illustrations give state and local governments insight into the new requirements of GASB Statement No. 87.
GASB seeks comment on several issues
GASB issued an omnibus exposure draft covering accounting and financial reporting issues identified during the implementation of previous GASB guidance.
