AccountingLink

    GASB

    Summary
    The Governmental Accounting Standards Board (GASB) is the independent organization that establishes and improves standards of accounting and financial reporting for US state and local governments.

    Proposed rules
    GASB Outlook
    Selected speeches and news releases

    Proposed rules

    12 September 2018

    Preliminary views: Financial reporting model improvements
    This document presents the preliminary views of the GASB on improvements to key components of the financial reporting model. Those proposed changes would improve the effectiveness of the financial reporting model in providing information that is essential for decision making and assessing a government’s accountability. The proposals in this Preliminary Views primarily are targeted at addressing several concerns with the existing reporting of governmental fund information. Comments are due by 15 February 2019.

    12 September 2018

    Preliminary views: Recognition of elements of financial statements
    This due process document presents the preliminary views of the GASB on concepts for recognition of elements of financial statements. Recognition concepts encompass two aspects of state and local government financial statements: (1) The measurement focus of a specific financial statement determines what items should be reported as elements of that financial statement. (2) The related basis of accounting determines when those items should be reported. Comments are due by 15 February 2019.

    30 July 2018

    Conduit debt obligations
    The GASB proposed creating a single method for government issuers to report conduit debt obligations and related obligations. The proposal would eliminate diversity in practice by clarifying what is a conduit debt obligation, eliminating the option for government issuers to recognize conduit debt obligations, clarifying the guidance for additional commitments extended by government issuers and arrangements associated with conduit debt obligations that are often characterized as leases and enhancing note disclosures. The proposed guidance would be effective for reporting periods beginning on or after 15 December 2020. Earlier application would be encouraged. Comments are due by 2 November 2018.

    23 January 2018

    Revenue and expense recognition
    This Invitation to Comment proposes the development of a comprehensive revenue and expense recognition model for state and local governments. The GASB’s objectives in developing a comprehensive model are: to create a more robust framework to address a wide range of transactions, including some for which no guidance exists at present; to improve the comparability of how transactions are accounted for and reported by governments; and, to provide more useful information to users of financial reports for making decisions and assessing accountability. It discusses two models: an exchange/nonexchange model, and a performance obligation/no performance obligation model. The exchange/nonexchange model includes a classification process based on the existing definition for exchange transactions. The performance obligation/no performance obligation model includes a classification process based on a tentative definition of a performance obligation. Comments are due by 27 April 2018.

    20 November 2017

    Accounting for interest cost during the period of construction
    The objectives of this proposed Statement are (1) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost incurred during the period of construction. This proposed Statement would require that interest cost incurred during the period of construction be recognized as an expense in the period in which the cost is incurred for financial statements prepared using the economic resources measurement focus. Comments are due by 5 March 2018.

    1 November 2017

    Accounting and financial reporting for majority equity interests: an amendment of GASB Statement No. 14
    The primary objective of this proposal is to improve the consistency of reporting a government’s majority equity interest in a legally separate organization. It would specify that a majority equity interest in a legally separate organization should be reported as an investment if a government’s holding of the equity interest meets the definition of an investment. Comments are due by 19 January 2018.

    29 June 2017

    Certain disclosures related to debt, including direct borrowings and direct placements
    The primary objective of this proposal is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also would clarify which liabilities governments should include when disclosing information related to debt. This proposed Statement would define debt for purposes of disclosure in notes to financial statements as a liability that arises from a contractual obligation to pay cash (or other assets that may be used in lieu of payment of cash) in one or more payments to settle an amount that is fixed at the date the contractual obligation is established. Comments are due by 15 September 2017.

    28 June 2017

    Implementation Guide No. 201X-Z, Accounting and financial reporting for postemployment benefits other than pensions (and certain issues related to OPEB plan reporting)
    The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended. Comments are due by 25 September 2017.

    13 September 2016

    Omnibus 201X
    The GASB has proposed guidance to address a diverse set of accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements. This proposed Statement addresses a variety of topics including issues related to component unit presentation, goodwill, fair value measurement and application, and postemployment benefits. Comments are due by 23 November 2016.

    22 August 2016

    Certain debt extinguishment issues
    The GASB proposed guidance that state and local governments would apply when extinguishing debt prior to its maturity. Specifically, the Exposure Draft proposes guidance for transactions in which only existing resources are placed in a trust for the purpose of extinguishing debt. It proposes uniform accounting and financial reporting guidance for debt that is “defeased in substance,” regardless of the source of the resources that are placed in a trust. Comments are due by 28 October 2016.

    GASB Outlook

    20 June 2018

    GASB Outlook - June 2018
    June 2018 electronic newsletter discussing key GASB projects and activities.

    19 March 2018

    GASB Outlook - March 2018
    March 2018 electronic newsletter discussing key GASB projects and activities.

    22 August 2017

    GASB Outlook - August 2017
    August 2017 electronic newsletter discussing key GASB projects and activities.

    5 June 2017

    GASB Outlook - June 2017
    June 2017 electronic newsletter discussing key GASB projects and activities.

    6 March 2017

    GASB Outlook - March 2017
    March 2017 electronic newsletter discussing key GASB projects and activities.

    Selected speeches and news releases

    11 September 2018

    In Focus: Not-for-profit and governmental accounting webcast for academics
    The FASB and the GASB announced their first joint webcast providing an update for college and university accounting educators on major recent FASB and GASB standards. It will take place on Thursday, 11 October from 1 to 2:40 p.m. EDT.

    29 June 2017

    Technical Line - How the new revenue recognition standard affects upstream oil and gas entities
    Our Technical Line highlights key implications of the new revenue standard for upstream oil and gas entities. This publication supplements our Financial reporting developments publication, Revenue from contracts with customers (ASC 606), and should be read in conjunction with it.

    26 September 2016

    Registration is open for 11 October CPE webinar on GASB’s fiduciary activities project
    The GASB announced the opening of registration for an upcoming webinar that provides an overview of its proposed guidance on fiduciary activities. In Focus: Update on GASB’s Fiduciary Activities Project will take place on Tuesday, 11 October 2016, from 2:00 to 3:15 p.m. Eastern Daylight Time.

    7 September 2016

    GASB forms OPEB implementation guidance consultative group
    The GASB has formed a consultative group to assist with the Board's development of implementation guidance relating to the accounting and financial reporting standards for other postemployment benefits.