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



PwC publications

In brief: GASB issues fair value measurement standard
PwC - 03/02/2015
GASB's newly released Statement No. 72 prescribes how governments should define and measure fair value.

Point of view: The municipal securities market - Greater transparency and comparability of financial information would benefit stakeholders
PwC – 02/24/2014
Greater transparency and comparability of financial information in the muni-market would benefit stakeholders.

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Select news releases

GASB Proposes Enhanced Guidance on Irrevocable Split-Interest Agreements
GASB – 06/12/2015
The GASB issued an exposure draft, Accounting and Financial Reporting for Irrevocable Split-Interest Agreements, proposing recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements. Irrevocable split-interest agreements are arrangements in which a donor transfers assets for the shared benefit of at least two beneficiaries: a government—typically a public college or university or public healthcare provider—and another beneficiary designated by the donor. The donor transfers the assets to either the government or to a separate third party, such as a bank. The proposal addresses when these types of arrangements constitute an asset for accounting and financial reporting purposes in cases where the resources are administered by a third party. The proposal also seeks input on expanded guidance for irrevocable split-interest agreements in which the government holds the assets.

GASB approves standards to improve reporting for retiree benefits and health insurance
GASB – 06/02/2015
On June 2, the GASB voted to approve two Statements that aim to significantly improve the accounting and financial reporting by state and local governments for postemployment benefits other than pensions (OPEB), primarily retiree health insurance. The GASB also approved a third Statement establishing accounting and financial reporting requirements for pensions and pension plans that were outside the scope of the pension standards the GASB released in 2012.

FAF Board of Trustees issues the 2015 strategic plan
GASB – 04/09/2015
The Financial Accounting Foundation (FAF), the FASB, and the GASB have developed a strategic plan to articulate the long-range vision and mission of each of the groups and the organization collectively. This plan represents an evolution and a refinement of previous plans and mission statements developed by the groups.

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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.

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Proposed rules

Proposed GASB Statement: Accounting and Financial Reporting for Irrevocable Split-Interest Agreements
GASB – 06/12/2015
This exposure draft proposes recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements. Irrevocable split-interest agreements are arrangements in which a donor transfers assets for the shared benefit of at least two beneficiaries: a government—typically a public college or university or public healthcare provider—and another beneficiary designated by the donor. The donor transfers the assets to either the government or to a separate third party, such as a bank. The proposal addresses when these types of arrangements constitute an asset for accounting and financial reporting purposes in cases where the resources are administered by a third party. The proposal also seeks input on expanded guidance for irrevocable split-interest agreements in which the government holds the assets.  [Comments due - September 18, 2015]

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PwC comment letters

PwC comments on the GASB's preliminary views on lease accounting
GASB – 03/09/2015
PwC encourages convergence between the GASB's and FASB's lease accounting proposals.

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