AccountingLink

    GASB

    Summary
    The Governmental Accounting Standards Board (GASB) is the independent organization that establishes and improves standards of accounting and financial reporting for US state and local governments.

    Proposed rules
    The GASB Report
    GASB Outlook
    Selected speeches and news releases

    Proposed rules

    11 November 2014

    Preliminary Views: Financial reporting for fiduciary responsibilities
    The Preliminary Views presents the Board’s current thinking on fundamental issues associated with the reporting of activities in which a government has a fiduciary responsibility. In this context, fiduciary responsibility generally relates to a government controlling assets belonging to others in a trustee or custodial capacity. Comments are due by 6 March 2015.

    11 November 2014

    Preliminary Views: Leases
    The Preliminary Views includes proposals to improve the accounting and financial reporting for leases for state and local governments from both a lessee and lessor perspective. Comments are due by 6 March 2015.

    20 October 2014

    Tax abatement disclosures
    The GASB proposal would require state and local governments for the first time to disclose information about property and other tax abatement agreements. Governments generally agree to abate or reduce the taxes of businesses and other taxpayers to promote economic development, job growth, redevelopment of blighted or underdeveloped areas, and other actions that are beneficial to the government or its citizens. Under a tax abatement agreement, a government agrees to reduce the taxes a taxpayer would otherwise owe in return for an action that contributes to economic development or provides another benefit to the government or its citizens. The disclosure requirements proposed by the GASB are designed to provide financial statement users with essential information about these programs. To help users, preparers, and auditors of financial statements familiarize themselves with the Exposure Draft, the GASB developed a web page that features new "plain-language" resources. Comments are due by 30 January 2015.

    28 May 2014

    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
    This proposal would establish requirements for defined benefit pensions that are not within the scope of Statement No. 68 and for the pension plans that are used to provide those pensions. In addition, it would establish requirements for defined contribution pensions that are not within the scope of Statement 68. It also would amend certain provisions of Statement No. 67 and Statement 68 for pension plans and employers that are within their respective scopes. Comments are due by 29 August 2014.

    28 May 2014

    Accounting and financial reporting for postemeployment benefits other than pensions
    The primary objective of this proposed Statement is to improve accounting and financial reporting by state and local governments for postemployment benefits other than pensions (other postemployment benefits or OPEB). It also would improve information provided by state and local governmental employers about financial support for OPEB that is provided by other entities. Comments are due by 29 August 2014.

    28 May 2014

    Financial reporting for postemployment benefit plans other than pension plans
    The objective of this proposed Statement is to improve the usefulness of information about postemployment benefits other than pensions (other postemployment benefits or OPEB) included in the general purpose external financial reports of state and local governmental OPEB plans for making decisions and assessing accountability. Comment are due by 29 August 2014.

    5 May 2014

    Fair value measurement and application
    The GASB issued an exposure draft that would clarify how fair value is defined and measured and which assets and liabilities should be measured at fair value. The proposal would also add a requirement that governments disclose in the notes to their financial statements the inputs they use to measure fair value and the judgments they make to determine those inputs. Comments are due by 15 August 2014. The proposed standard would be effective for periods beginning after 15 June 2015.

    25 June 2013

    Pension transition for contributions made subsequent to the measurement date
    The objective of this proposed Statementis to address an issue that has been identified regarding application of the transition provisions of Statement No. 68, Accounting and Financial Reporting for Pensions. The issue relates to amounts associated with contributions, if any, made by a state or local government employer or nonemployer contributing entity to a defined benefit pension plan after the measurement date of the government’s beginning net pension liability.

    3 June 2013

    Fair value measurement and application
    The preliminary views describes how fair value should be defined and measured, what assets and liabilities should be measured at fair value.

    3 June 2013

    Measurement of elements of financial statements
    The exposure draft proposes concepts that will inform the GASB’s decisions when establishing future standards for how state and local governments would determine the dollar amount at which to report assets and liabilities.

    18 June 2012

    Accounting and financial reporting for nonexchange financial guarantee transactions
    The GASB issued for public comment proposed guidance for state and local governments that offer nonexchange financial guarantees and for governments that receive guarantees on their obligations. The proposal would be effective for periods beginning after 15 June 2013. Comments are due 28 September 2012.

    7 March 2012

    Government combinations and disposals of government operations
    The GASB issued for public comment a proposal that would provide state and local governments with standards for financial reporting on government combinations (mergers, acquisitions and transfers of operations) and disposals (sales and transfers) of government operations. The comment period ends 15 June 2012.

    3 October 2011

    Technical corrections - an amendment of GASB statements no. 10 and 62
    The GASB issued an Exposure Draft to resolve conflicting guidance that resulted from two recent pronouncements, Statements No. 54, Fund Balance Reporting and Governmental Fund Type Definitions,and No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements.

    17 August 2011

    Reporting items previously recognized as assets and liabilities
    The proposed Statement would reclassify or recognize certain items currently being reported as assets and liabilities as one of four financial statement elements—deferred outflows of resources, outflows of resources, deferred inflows of resources, or inflows of resources. comments are due by 17 November 2011.

    28 June 2011

    Recognition of elements of financial statements and measurement approaches
    The GASB is seeking comment on its early views on how and when an item should be reported on state and local government financial statements and how the amount of the item should be determined.

    27 June 2011

    Accounting and financial reporting for pensions-an amendment of GASB Statement No. 27
    The pensions proposal would require governments to report in their statement of financial position a net pension liability which is the difference between the total pension liability and net assets set aside in a qualified trust to pay benefits to current employees, retirees, and their beneficiaries. It also proposes significant changes to how a government would calculate its total pension liability and pension expense.

    27 June 2011

    Financial reporting for pension plans - an amendment of GASB Statement No. 25
    The GASB pension plan proposal addresses the reporting by the pension plans that administer those benefits. This proposal outlines the basic framework for the separately issued financial reports of defined benefit pension plans. It also details proposed note disclosure requirements for defined contribution pension plans.

    The GASB Report

    28 May 2015

    The GASB Report - April 2015
    The April 2015 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    7 October 2014

    The GASB Report - October 2014
    The October 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    18 August 2014

    The GASB Report - August 2014
    The August 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 July 2014

    The GASB Report - July 2014
    The July 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    16 May 2014

    The GASB Report - May 2014
    The May 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    3 April 2014

    The GASB Report - April 2014
    The April 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    24 February 2014

    The GASB Report - February 2014
    The February 2014 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 December 2013

    The GASB Report - December 2013
    The December 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 November 2013

    The GASB Report - November 2013
    The November 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 October 2013

    The GASB Report - October 2013
    The October 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 September 2013

    The GASB Report - September 2013
    The September 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 August 2013

    The GASB Report - August 2013
    The August 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 July 2013

    The GASB Report - July 2013
    The July 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 June 2013

    The GASB Report - June 2013
    The June 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 May 2013

    The GASB Report - May 2013
    The May 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 April 2013

    The GASB Report - April 2013
    The April 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 March 2013

    The GASB Report - March 2013
    The March 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 February 2013

    The GASB Report - February 2013
    The February 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 January 2013

    The GASB Report - January 2013
    The January 2013 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 December 2012

    The GASB Report - December 2012
    The December 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB) reviews 2012 accomplishments and includes the 2013 Technical Plan.

    1 November 2012

    The GASB Report - November 2012
    November 2012 newsletter about the work of the Governmental Accounting Standards Board.

    1 October 2012

    The GASB Report - October 2012
    October 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 September 2012

    The GASB Report - September 2012
    September 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 August 2012

    The GASB Report - August 2012
    August 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB). This edition includes the technical plan.

    1 August 2012

    The GASB Report - July 2012
    July 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 July 2012

    The GASB Report - June 2012
    June 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 May 2012

    The GASB Report - May 2012
    May 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 April 2012

    The GASB Report - April 2012
    April 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 March 2012

    The GASB Report - March 2012
    March 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 February 2012

    The GASB Report - February 2012
    February 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 January 2012

    The GASB Report - January 2012
    January 2012 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 November 2011

    The GASB Report - November 2011
    November 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 October 2011

    The GASB Report - October 2011
    October 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 September 2011

    The GASB Report - September 2011
    September 2011 edition of a monthly newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 August 2011

    The GASB Report - August 2011
    August 2011 edition of a monthly newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 July 2011

    The GASB Report - July 2011
    July 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 June 2011

    The GASB Report - June 2011
    June 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 May 2011

    The GASB Report - May 2011
    May 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 April 2011

    The GASB Report - April 2011
    April 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 March 2011

    The GASB Report - March 2011
    March 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 February 2011

    The GASB Report - February 2011
    February 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    1 January 2011

    The GASB Report - January 2011
    January 2011 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    GASB Outlook

    23 February 2015

    GASB Outlook - February 2015
    February 2015 electronic newsletter discussing key GASB projects and activities.

    11 November 2014

    GASB Outlook - November 2014
    November 2014 electronic newsletter discussing key GASB projects and activities.

    4 August 2014

    GASB Outlook - August 2014
    August 2014 electronic newsletter discussing key GASB projects and activities.

    15 May 2014

    GASB Outlook - May 2014
    May 2014 electronic newsletter discussing key GASB projects and activities.

    12 February 2014

    GASB Outlook - February 2014
    The GASB launched the GASB Outlook, a new quarterly, electronic newsletter designed to keep stakeholders informed about key GASB projects and activities.

    Selected speeches and news releases

    11 March 2014

    GASB toolkit helps state and local governments implement new pension accounting standards
    A new online pension implementation toolkit was released by the GASB. The toolkit is designed to help preparers, auditors, and users of state and local government financial reports understand and apply the revised pension accounting and financial reporting standards that the GASB approved in June 2012. The toolkit is available at no cost at the GASB website.

    19 November 2013

    FAF issues final policy on GASB scope of authority
    The Financial Accounting Foundation (FAF) Board of Trustees adopted a new policy that clarifies the characteristics of the information the GASB may incorporate into the financial accounting and reporting concepts, standards, and guidance that it issues for state and local governments.

    11 November 2013

    GASB Toolkit helps pension plans implement new accounting standards
    A new online toolkit designed to help preparers and auditors of state and local government pension plans implement new accounting and financial reporting standards was released by the GASB. The toolkit is available at no cost at the GASB website.

    28 March 2012

    Written testimony submitted by GASB Chairman Robert H. Attmore to the U.S. House of Representatives Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises
    Robert Attmore, Chairman of the GASB, provided testimony about current GASB activities at hearings sponsored by the House of Representatives Financial Services Subcommittee on capital markets and government sponsored enterprises.