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

    1 November 2017

    Accounting and financial reporting for majority equity interests: an amendment of GASB Statement No. 14
    The primary objective of this proposal is to improve the consistency of reporting a government’s majority equity interest in a legally separate organization. It would specify that a majority equity interest in a legally separate organization should be reported as an investment if a government’s holding of the equity interest meets the definition of an investment. Comments are due by 19 January 2018.

    29 June 2017

    Certain disclosures related to debt, including direct borrowings and direct placements
    The primary objective of this proposal is to improve the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also would clarify which liabilities governments should include when disclosing information related to debt. This proposed Statement would define debt for purposes of disclosure in notes to financial statements as a liability that arises from a contractual obligation to pay cash (or other assets that may be used in lieu of payment of cash) in one or more payments to settle an amount that is fixed at the date the contractual obligation is established. Comments are due by 15 September 2017.

    28 June 2017

    Implementation Guide No. 201X-Z, Accounting and financial reporting for postemployment benefits other than pensions (and certain issues related to OPEB plan reporting)
    The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, as amended, and Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as amended. Comments are due by 25 September 2017.

    7 December 2016

    Financial reporting model improvements - Governmental funds
    This Invitation to Comment is being issued to obtain stakeholder feedback on potential improvements to the existing financial reporting model for governmental funds. It addresses potential improvements to fundamental issues of the GASB’s financial reporting model reexamination project: (1) the measurement focus and basis of accounting for governmental funds and (2) the presentation of governmental fund financial statements. Comment are due by 31 March 2017.

    16 November 2016

    Implementation guide No. 201X-Y, Implementation guidance update - 201X
    The proposed Implementation Guide addresses a wide array of practice issues, including questions related to the GASB’s accounting and financial reporting standards on pensions, cash flow statements, the financial reporting entity, certain investments, external investment pools, fund balance, and tax abatements. The proposed Implementation Guide also includes amendments to previously issued implementation guidance. Comments are due by 31 January 2017.

    5 October 2016

    Implementation guide No. 201X-X, Financial reporting for postemployment benefit plans other than pension plans
    The objective of this Implementation Guide is to provide guidance that clarifies, explains, or elaborates on the requirements of Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. Comments are due by 19 December 2016.

    13 September 2016

    Omnibus 201X
    The GASB has proposed guidance to address a diverse set of accounting and financial reporting issues identified during the implementation and application of certain GASB pronouncements. This proposed Statement addresses a variety of topics including issues related to component unit presentation, goodwill, fair value measurement and application, and postemployment benefits. Comments are due by 23 November 2016.

    22 August 2016

    Certain debt extinguishment issues
    The GASB proposed guidance that state and local governments would apply when extinguishing debt prior to its maturity. Specifically, the Exposure Draft proposes guidance for transactions in which only existing resources are placed in a trust for the purpose of extinguishing debt. It proposes uniform accounting and financial reporting guidance for debt that is “defeased in substance,” regardless of the source of the resources that are placed in a trust. Comments are due by 28 October 2016.

    25 January 2016

    Leases
    The GASB issued a proposal to establish a single approach for state and local governments to report leases based on the principle that leases are financings of the right to use an underlying asset. Limited exceptions are provided in the draft guidance, including short-term leases (12 months or less) and financed purchases. The proposed Statement would provide guidance for lease contracts for nonfinancial assets—including vehicles, heavy equipment, and buildings—but exclude grants, donated assets, and leases of intangible assets (such as patents and software licenses). Comments are due by 29 June 2016.

    8 December 2015

    Fiduciary activities
    The objective of this GASB proposal is to improve guidance regarding what constitutes fiduciary activities for accounting and financial reporting purposes and how they should be reported. It would establish criteria for identifying and reporting fiduciary activities of all state and local governments. The focus of the criteria generally is whether a government is controlling the assets of the fiduciary activity and the beneficiaries with whom a fiduciary relationship exists. Comments are due by 31 March 2015.

    7 December 2015

    Certain asset retirement obligations
    This GASB proposal addresses accounting and financial reporting for certain asset retirement obligations. Existing laws and regulations require governments to take specific actions to retire certain tangible capital assets at the end of the useful lives of those capital assets. Other obligations to retire tangible capital assets may arise from contracts or court judgments. Under this proposal, a government that has legal obligations to perform future asset retirement activities related to its tangible capital assets would be required to recognize a liability based on the guidance proposed in this Statement. It also would establish criteria for determining the timing and pattern of recognition of a liability and a corresponding deferred outflow of resources for asset retirement obligations. Comments are due by 31 March 2015.

    7 December 2015

    Pension issues
    The objective of this proposal is to address issues regarding (1) the presentation of payroll-related measures in required supplementary information, (2) the selection of assumptions and the treatment of deviations from the guidance in Actuarial Standards of Practice for financial reporting purposes, and (3) the classification of payments made by employers to satisfy employee (plan member) contribution requirements. Comments are due by 12 February 2015.

    The GASB Report

    3 February 2016

    The GASB Report - January 2016
    The January 2016 newsletter about the work of the Governmental Accounting Standards Board (GASB).

    GASB Outlook

    22 August 2017

    GASB Outlook - August 2017
    August 2017 electronic newsletter discussing key GASB projects and activities.

    5 June 2017

    GASB Outlook - June 2017
    June 2017 electronic newsletter discussing key GASB projects and activities.

    6 March 2017

    GASB Outlook - March 2017
    March 2017 electronic newsletter discussing key GASB projects and activities.

    31 May 2016

    GASB Outlook - May 2016
    May 2016 electronic newsletter discussing key GASB projects and activities.

    24 February 2016

    GASB Outlook - February 2016
    February 2016 electronic newsletter discussing key GASB projects and activities.

    23 November 2015

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

    Selected speeches and news releases

    29 June 2017

    Technical Line - How the new revenue recognition standard affects upstream oil and gas entities
    Our Technical Line highlights key implications of the new revenue standard for upstream oil and gas entities. This publication supplements our Financial reporting developments publication, Revenue from contracts with customers (ASC 606), and should be read in conjunction with it.

    26 September 2016

    Registration is open for 11 October CPE webinar on GASB’s fiduciary activities project
    The GASB announced the opening of registration for an upcoming webinar that provides an overview of its proposed guidance on fiduciary activities. In Focus: Update on GASB’s Fiduciary Activities Project will take place on Tuesday, 11 October 2016, from 2:00 to 3:15 p.m. Eastern Daylight Time.

    7 September 2016

    GASB forms OPEB implementation guidance consultative group
    The GASB has formed a consultative group to assist with the Board's development of implementation guidance relating to the accounting and financial reporting standards for other postemployment benefits.

    29 March 2016

    GASB issues enhanced guidance on irrevocable split-interest agreements
    The GASB issued recognition and measurement guidance for governments that benefit from irrevocable split-interest agreements.

    24 March 2016

    GASB publishes new implementation guidance to assist stakeholders with recent pronouncements
    The GASB issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on recent GASB Statements.