GASB issues new lease accounting rules
We summarize the GASB's new standard on leases - those expecting it to mirror the FASB's standard may be surprised.
Governmental Accounting Standards Board (GASB)
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.
Website: www.gasb.org
Select news releases
Registration Opens for CPE Webinar IN FOCUS: GASB Preliminary Views, Financial Reporting Model Improvements
Registration is now open for an upcoming webinar that will provide an overview of the GASB’s recently issued Preliminary Views, Financial Reporting Model Improvements. The PV is intended to elicit feedback from stakeholders on the Board’s current thinking regarding targeted improvements to the financial reporting model.
GASB Forms Working Group to Address Tribal Government Accounting and Financial Reporting Alternatives
The Governmental Accounting Standards Board (GASB) has convened a working group to identify viable alternatives for addressing accounting and reporting issues for tribal governments.
GASB issues proposals designed to improve government financial reports and establish recognition concepts
The GASB issued a Preliminary Views proposing improvements to key components of the financial reporting model. In a separate, related document, the Board also proposed new concepts intended to guide the Board in developing standards on recognition in financial statements.
GASB Clarifies Guidance on Majority Equity Interests
The GASB has issued guidance clarifying the accounting and financial reporting requirements for a state or local government’s majority equity interest in an organization that remains legally separate after acquisition.
GASB Proposes Improvements to Reporting of Conduit Debt Obligations
The Governmental Accounting Standards Board (GASB) has proposed revised guidance that would provide a single method for government issuers to report conduit debt obligations and related obligations. This proposed guidance would eliminate diversity in practice associated with these issues.
GASB Establishes New Guidance for Interest Cost Incurred Before the End of a Construction Period
Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period, establishes guidance designed to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period. It also simplifies accounting for interest cost incurred before the end of a construction period.
GASB Issues New Implementation Guidance to Assist Stakeholders with Recent Pronouncements
The Governmental Accounting Standards Board (GASB) issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on certain GASB Statements.
GASB Establishes New Guidance on Debt Disclosures, Addresses Direct Borrowings and Direct Placements
The Governmental Accounting Standards Board released guidance designed to enhance debt-related disclosures in notes to financial statements, including those addressing direct borrowings and direct placements.
Proposed rules
GASB exposure draft - Conduit debt obligations
The primary objectives of this proposed Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with addition commitments extended by issuers, arrangements associated with conduit debt obligations, and related not disclosures.
GASB Proposes Guidance on Capitalizaton of Interest Cost
The objectives of this proposed Statement are (1) to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period and (2) to simplify accounting for interest cost incurred during the period of construction.
GASB Issues Exposure Draft, Implementation Guide No. 201Y-X, Implementation Guidance Update—201Y
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements.
Proposed GASB Implementation Guide: Implementation Guide No. 201X-Y, Implementation Guidance Update—201X
The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on GASB Statements.
PwC comment letters
PwC comments on GASB’s revenue and expense recognition project
We comment on the GASB’s revenue and expense recognition project.
PwC comments on GASB's proposal on blending requirements
PwC supports the GASB's proposal to provide guidance on the blending of certain component units.
PwC comments on the GASB's irrevocable split-interest agreement proposal
PwC encourages alignment between the GASB's and FASB's split interest arrangement guidance.
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IFRS & US Standard Setting Leader, National Professional Services Group, PwC US
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