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 proposes disclosures for tax abatements by governments
GASB – 10/31/2014
GASB has issued for public comment an exposure draft of a proposed Statement, Tax Abatement Disclosures, which would require state and local governments to disclose information about property and other tax abatement agreements for the first time.

FAF issues post-implementation review report on GASB Statement 42
GASB – 08/19/2014
The Financial Accounting Foundation (FAF), the oversight body of the GASB, has completed its Post-Implementation Review of GASB Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries. The PIR team concluded that Statement 42 resolved some of the issues underlying its stated need but may not have completely resolved all of them. In particular, users have mixed views as to whether Statement 42 achieved the two objectives for capital asset impairments: establishing recognition criteria for impairments, and requirements that appropriately measure the effects of impairments.

GASB publishes proposals to improve reporting of health insurance and other retiree benefits
GASB – 06/16/2014
The GASB published two proposed Statements intended to significantly improve financial reporting by state and local governments of other postemployment benefits (OPEB), such as retiree health insurance. The GASB also published a third Exposure Draft that would establish requirements for pensions and pension plans that are outside the scope of the pension standards the GASB released in 2012.

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Final rules

GASB Concepts Statement No. 6, Measurement of Elements of Financial Statements
GASB – 04/14/2014
GASB Concepts Statement No. 6 will guide the GASB in establishing accounting and financial reporting standards for U.S. state and local governments regarding the measurement of assets and liabilities. Concepts Statement 6 augments the framework the board employs in order to promote consistency in setting accounting and financial reporting standards and is primarily intended for the board's use. The new concepts also may benefit preparers and auditors of financial statements when evaluating transactions for which there are no existing standards.

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Proposed rules

Proposed GASB Statement: Tax Abatement Disclosures
GASB – 10/20/2014
This proposed Statement would require state and local governments to disclose information about property and other tax abatement agreements for the first time. [Comments due - January 30, 2015]

Proposed GASB Statement: Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions
GASB – 06/16/2014
This Exposure Draft proposes guidance for reporting by governments that provide OPEB to their employees and for governments that finance OPEB for employees of other employers. [Comments due - August 29, 2014]

Proposed GASB Statement: Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
GASB – 06/16/2014
This Exposure Draft addresses the reporting by the OPEB plans that administer those benefits. [Comments due - August 29, 2014]

Proposed GASB Statement: Accounting and Financial Reporting for Pensions and Financial Reporting for Pension Plans That Are Not Administered through Trusts That Meet Specified Criteria, and Amendments to Certain Provisions of GASB Statements 67 and 68
GASB – 06/16/2014
This Exposure Draft would complete the pension standards by establishing requirements for those pensions and pension plans that are not administered through a trust meeting specified criteria. [Comments due - August 29, 2014]

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