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.

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.

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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.

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

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]

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]

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