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



Select news releases

GASB issues final standard on fair value measurement and application
GASB – 03/02/2015
The GASB published final guidance on accounting and financial reporting issues related to fair value measurements, which primarily applies to investments made by state and local governments. GASB Statement No. 72, Fair Value Measurement and Application, defines fair value and describes how fair value should be measured, what assets and liabilities should be measured at fair value, and what information about fair value should be disclosed in the notes to the financial statements.

GASB issues Preliminary Views on reporting governments' fiduciary responsibilities
GASB – 11/20/2014
The GASB issued for public comment a Preliminary Views document, which presents the board’s current thinking on fundamental issues associated with the reporting of activities in which a government has a fiduciary responsibility. The board’s primary objective in this project is to enhance the consistency and comparability of when and how governments report their fiduciary activities in basic financial statements.

GASB issues Preliminary Views on lease accounting for state and local governments
GASB – 11/20/2014
The GASB issued for public comment a Preliminary Views document, which includes proposals to improve the accounting and financial reporting for leases for state and local governments from both a lessee and lessor perspective.

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Final rules

GASB Statement No. 72, Fair Value Measurement and Application
GASB – 03/02/2015
GASB Statement No. 72 addresses accounting and financial reporting issues related to fair value measurements, which primarily applies to investments made by state and local governments. The guidance defines fair value and describes how fair value should be measured, what assets and liabilities should be measured at fair value, and what information about fair value should be disclosed in the notes to the financial statements.

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Proposed rules

Preliminary Views: Financial Reporting for Fiduciary Responsibilities
GASB – 11/20/2014
This document presents the GASB’s current thinking on fundamental issues associated with the reporting of activities in which a government has a fiduciary responsibility. The GASB's primary objective in this project is to enhance the consistency and comparability of when and how governments report their fiduciary activities in basic financial statements.  [Comments due - March 6, 2015]

Preliminary Views: Leases
GASB – 11/20/2014
This document includes proposals to improve the accounting and financial reporting for leases for state and local governments from both a lessee and lessor perspective. [Comments due - March 6, 2015]

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PwC comment letters

PwC comments on the GASB's preliminary views on lease accounting
GASB – 03/09/2015
PwC encourages convergence between the GASB's and FASB's lease accounting proposals.

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