The Government Finance Officers Association (or GFOA) is a professional association of state, provincial, and local government finance officers in the United States and Canada. They have recently published the Tenth Edition of Governmental Accounting, Auditing, and Financial Reporting (GAAFR or “Blue Book”) in July 2020. Don’t miss: Yellow book changes GFOA is an organization in …
The Government Accounting Standards Board is always issuing new standards on a range of topics such as pensions, postemployment benefit plans, lease standards and more. With so many technically complex changes issued within a short time frame, it can be hard to keep up. Implementing changes can be a time-consuming process, especially for those with …
In January 2017, the Governmental Accounting Standards Board (GASB) issued the final standard on identifying and reporting fiduciary activities under Statement No. 84. While GASB 84 is not effective until reporting periods beginning after December 15, 2018, application of the standard should be retrospectively applied, if practicable, to all periods presented. Therefore, if comparative financial …
The Governmental Accounting Standards Board (GASB) issued an exposure draft on January 25, 2016 proposing significant changes in accounting for leases. Primarily the GASB proposal would result in accounting for all lease contracts for nonfinancial assets as capital leases and eliminating the operating lease option. The proposal does not apply to grants, donated assets or …
Government accountants are aware that the hierarchy of accounting for state and local government’s generally accepted accounting principles (GAAP) fall in one of two categories. Category A is the official Governmental Accounting Standards Board (GASB) Statements. Category B includes GASB Technical Bulletins, GASB Implementation Guides and literature of the American Institute of Certified Public Accountants …
The Governmental Accounting Standards Board (GASB) issued a proposal last month that may change the way state and local governments report operating leases. The proposal is based on the concept that leases are a method of financing that gives governments the right to use an underlying asset. Even though there currently are disclosures in the …
Absolutely! However, you must meet a few requirements in order to do so. According to Governmental Accounting Standards Board Statement No. 51 (GASB), “intangible assets are considered internally generated if they are created or produced by the government or an entity contracted by the government.” So, whether you have the IT department develop the website …
Last month I discussed the timing of specific pension related dates in valuing, measuring and reporting your pension related amounts for the full accrual basis statements in accordance with GASB Statement 68. This month I am discussing the employer contributions to the plan, and how they should be reported for the full accrual based statements. …
In response to stakeholders requesting more clarity regarding Fair Value standards, GASB developed new guidance by issuing Statement No. 72. The new guidance is designed to provide additional information regarding the measurement of Assets and Liabilities and to help financial statement readers make better, more informed decisions. GASB Statement No. 72, Fair Value Measurement and …
Are your year-end financial statements accurately representing your fixed assets? Deficiencies in the recording of fixed assets can often result in inaccurate financial reporting. The area of fixed assets is way too often considered as a lower priority by management, thus easily disregarded. Fixed asset control procedures are not always performed as well as they …