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 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.

GASB issues exposure draft on fair value measurement and application
GASB – 05/15/2014
The GASB issued for public comment an exposure draft that addresses accounting and financial reporting issues related to fair value measurements. The proposal updates the GASB’s definition of fair value to be consistent with the FASB’s definition. It also sets forth 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 Concepts Statement on measurement of assets and liabilities
GASB – 04/14/2014
The GASB issued Concepts Statement No. 6, Measurement of Elements of Financial Statements, which 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.

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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: 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]

Proposed GASB Statement: Fair Value Measurement and Application
GASB – 05/05/2014
This proposed Statement addresses accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This proposed Statement would provide guidance for determining a fair value measurement for financial reporting purposes. This proposed Statement also would provide application guidance for certain investments and related disclosures. [Comments due - August 15, 2014]

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