Governmental Accounting Standards Board (GASB)

Website: www.gasb.org

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

Recent Developments – Past 90 days


PwC publications

In brief: GASB issues fair value measurement standard
PwC - 03/02/2015
GASB's newly released Statement No. 72 prescribes how governments should define and measure fair value.

Point of view: The municipal securities market - Greater transparency and comparability of financial information would benefit stakeholders
PwC – 02/24/2014
Greater transparency and comparability of financial information in the muni-market would benefit stakeholders.

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Select news releases

GASB proposed implementation guidance designed to clarify recent pronouncements
GASB - 11/30/2016
The Governmental Accounting Standards Board issued a proposed Implementation Guide containing questions and answers intended to clarify, explain, or elaborate on GASB Statements. 

Post-implemetation review concludes GASB standard on fund balance reporting achieves its purpose
GASB - 11/16/2016
The accounting and financial reporting standard for state and local governments that addresses fund balance reporting and governmental fund type definitions achieves its purpose, according to a report issued by the Financial Accounting Foundation (FAF).

GASB proposes implementation guidance for other postemployment benefit plans
GASB - 10/18/2016
The Governmental Accounting Standards Board (GASB) has issued an Exposure Draft of a proposed Implementation Guide that contains questions and answers intended to clarify, explain, or elaborate on the requirements of GASB Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans.

Post-Implementation Review Report: GASB Statements No. 49 - Accounting and Financial Reporting for Pollution Remediation Obligations
FAF - 08/23/2016
The FAF has published its Post-Implementation Review (PIR) Report on GASB Statements No. 49. The Report concluded that Statement 49 accomplished its objectives of providing more consistent, timely, and complete reporting of pollution remediation obligations by state and local governments.

 

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Final rules

See the GASB's website for a copy of each GASB Statement.

GASB Statement No. 82, Pension Issues
GASB – 04/11/2016

GASB Statement No. 81, Irrevocable Split-Interest Agreements
GASB – 03/16/2016

GASB Statement No. 80, Blending Requirements for Certain Component Units
GASB – 02/11/2016

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Proposed rules

Proposed GASB Implementation Guide: Implementation Guide No. 201X-Y, Implementation Guidance Update—201X
GASB - 11/16/2016
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements. 

Proposed GASB Implementation Guide: Implementation Guide No. 20XX-X: Financial Reporting for Postemployment Benefit Plans Other than Pension Plans
GASB - 10/05/2016
The objective of this proposed Implementation Guide is to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans [Comments due by December 16]

GASB Proposes Omnibus Statement Addressing a Broad Range of Practice Issues
GASB - 09/26/2016
The objective of this proposed Statement is to address practice issues that have been identified during implementation and application of certain GASB Statements. This proposed Statement addresses a variety of topics including issues related to component unit presentation, goodwill, fair value measurement and application, and postemployment benefits (pensions and other postemployment benefits [OPEB]) [Comments due by November 23]

Proposed GASB Statement, Certain Debt Extinguishment Issues 
GASB - 08/29/2016
The objective of this proposed Statement is to improve consistency in accounting and financial reporting for transactions in which only existing resources—resources other than the proceeds of refunding debt—are placed in a trust for the sole purpose of extinguishing debt. This proposed Statement also would improve accounting and financial reporting for prepaid insurance on debt that is extinguished and notes to the financial statements for debt that is defeased in substance. [Comments due by October 28]

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PwC comment letters

PwC comments on GASB's proposal on blending requirements
GASB - 10/13/2015
PwC supports the GASB’s decision to establish a fourth blending requirement to address situations where a government is the sole corporate member of a not-for-profit organization (NPO) used in carrying out the government’s activities. In this type of NPO, the sole corporate member wields absolute power over the entity’s activities. We agree that in these circumstances, a blended presentation provides the best representation of the reporting entity. We do, however, encourage the board to further clarify the criteria and requirements for blending in additional circumstances, such as those related to non-member NPOs, majority-owned component units, limited liability companies, and limited partnerships. 

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