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
EY comment letters

Proposed rules

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.

20 December 2013

Implementation Guide No. 20XX-1
The GASB proposed an implementation guide covering all guidance issued to date. The GASB proposed the guide, which lists changes to its implementation guidance in Appendix C, because it would be required to seek comment on it under its proposal to elevate implementation guidance in the GAAP hierarchy. Comments are due by 31 December 2014.

20 December 2013

The hierarchy of Generally Accepted Accounting Principles for state and local governments
The GASB proposed a standard that would reduce to two from four the number of categories in the GAAP hierarchy listing the order of priority for pronouncements that state and local governments follow when preparing financial statements. The proposed categories are GASB statements of Governmental Accounting Standards and GASB technical bulletins and implementation guides, which would include AICPA guidance cleared by the GASB. Comments are due by 31 December 2014.

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

7 October 2014

The GASB Report - October 2014
The GASB held public meetings 20-22 August and 8 September 2014 to discuss issues associated with its projects on leases, fiduciary responsibilities, tax abatement disclosures, and irrevocable charitable trusts. The Board also reviewed and approved the Technical Plan for the final third of 2014.

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

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.

EY comment letters

14 October 2011

Comment Letter - Accounting and financial reporting for pensions - an amendment of GASB Statement No. 27
Our comment letter supports the Board’s effort to improve pension accounting and reporting for governmental entities. However, we recommend that the Board require the use of a single method for developing the discount rate and suggest that it be based on yields on high-quality fixed income investments. We also recommend that the Board require the use of the projected unit credit actuarial cost method (PUCM), rather than the individual entry age actuarial cost method.