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 declines to delay implementation date of pension standards
GASB – 03/24/2014
The GASB announced its unanimous decision not to delay the implementation date of GASB Statement No. 68, Accounting and Financial Reporting for Pensions. The requirements of Statement 68 are effective for periods beginning after June 15, 2014.

GASB proposes new GAAP hierarchy for State and Local Governments
GASB – 02/27/2014
The GASB has published an exposure draft titled The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments. The proposed Statement would reduce the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP.

GASB issues guidance for implementing pension standards
GASB – 01/30/2014
The GASB has published a Guide to Implementation of GASB Statement 68 on Accounting and Financial Reporting for Pensions. The Guide is an authoritative resource designed to assist preparers and auditors of state and local government financial statements as they implement GASB Statement 68, which is effective for periods beginning after June 15, 2014.

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Final rules

GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date—an amendment of GASB Statement No. 68
GASB – 11/25/2013
GASB Statement No. 71 addresses the transition provisions of GASB Statement No. 68, Accounting and Financial Reporting for Pensions. Statement 71 eliminates a potential source of understatement of restated beginning net position and expense in a government’s first year of implementing GASB Statement No. 68. The provisions are effective simultaneously with the provisions of Statement 68, which is required to be applied in fiscal years beginning after June 15, 2014.

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Proposed rules

Proposed GASB Statement: The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments
GASB – 02/27/2014
The objective of this Statement is to identify, in the context of the current governmental financial reporting environment, the sources of accounting principles and the framework for selecting the principles used to prepare financial statements of state and local governmental entities presented in conformity with generally accepted accounting principles. The proposed Statement reduces the GAAP hierarchy to two categories of authoritative GAAP and addresses the use of authoritative and nonauthoritative literature in the event that the accounting treatment for a transaction or other event is not specified within a source of authoritative GAAP. [Comments due - December 31, 2014]

Proposed GASB Implementation Guide: Implementation Guide No. 20XX-1
GASB – 02/27/2014
This proposed implementation guide is a culmination of all implementation guidance to date. The Board's decision to elevate the level of the implementation guidance in the GAAP hierarchy would require that implementation guides be exposed for a period of broad public comment, as with other GASB pronouncements. [Comments due - December 31, 2014]

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