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
The GASB’s New Statement for Nonexchange Financial Guarantees Is Now Available
GASB – 04/30/2013
The GASB published a new Statement that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and for governments that receive nonexchange financial guarantees on their obligations.
GASB Responds to FAF's Post-Implementation Review of Deposit and Investment Risk Disclosure Standards
GASB – 04/10/2013
The GASB welcomes the overall conclusion in the PIR report that Statements 3 and 40 continue to provide reliable and decision-useful information about deposit and investment risks to creditors and other financial statement users. The report’s findings indicate that the requirements can be understood, applied as intended, do not have any significant economic consequences, and that costs are in line with the Board’s and stakeholders’ expectations.
GASB Publishes New User Guide on Business-Type Activities
GASB – 03/12/2013
The GASB has published a comprehensive primer for taxpayers, elected representatives, and others seeking information about state and local government "business-type activities" (BTAs) and how BTAs report their finances.
FAF Review Team Concludes GASB Statements on Deposit and Investment Risks Achieve Their Purposes
GASB – 02/28/2013
The FAF published Post-Implementation Review on GASB Statement No. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements, and Statement No. 40, Deposit and Investment Risk Disclosures. The review report states that the two accounting standards established to improve the way state and local governments report deposit and investment risks, and repurchase and reverse repurchase agreements have achieved their purpose and provide decision-useful information to creditors and other financial statement users.
Financial Accounting Foundation Seeks Stakeholder Input on Proposed Changes to GASB Agenda-Setting Process
GASB – 02/26/2013
The Financial Accounting Foundation Board of Trustees today issued for public comment a proposal to revise the agenda-setting process for the GASB to assist the Trustees in assessing the scope of the GASB's standard-setting activity.
Financial Accounting Foundation Board of Trustees Approves New FASB/GASB Agenda-Setting Process, PIR Report
GASB – 02/26/2013
The Financial Accounting Foundation (FAF) Board of Trustees today approved a key change to the agenda-setting process of the FASB and the GASB. Decisions regarding project plans, agenda setting, and priority of projects now will be approved by a majority vote of the respective Boards, instead of by the Board chair alone.
Final rules
GASB Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees
GASB – 04/30/2013
GASB Statement No. 70 provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and for governments that receive nonexchange financial guarantees on their obligations.