Mar 26, 2020 | Accounting, Auditing, Genuine Learning, Government, Non-Profit
This week found our regulatory agencies working hard to address COVID-19. OMB expanded its administrative relief to entities impacted operationally by current conditions. The AICPA provided guidance on how to audit inventory when you can’t be on site. The SEC provided disclosure guidance to address COVID. GASB has indicated potential delays of two major standards in response to operational issues. FASB has worked with the federal agencies to address loan modifications and TDRs in light of banks helping customers dealing with COVID fallout. Standard setting may be on hold while they all take the time to address the current situation.
Mar 12, 2020 | Accounting, Genuine Learning, Government
GASB has issued an exposure draft that will address some implementation issues in GASB 84 and component units while also addressing accounting and financial reporting for Section 457 plans. This is a very important ED but it requires a quick turnaround so comments are due by April 10th to assist in getting these updates out in a timely manner.
Feb 27, 2020 | Accounting, Genuine Learning, Government
GASB has issued an exposure draft to update the Conceptual Framework for Note Disclosures. The ED describes the types of information that should be disclosed in notes and the types of information that are not appropriate. The proposal introduces the concept of what is “essential” to users and updates the purpose of note disclosures. Comments are due April 17, 2020.
Dec 12, 2019 | Genuine Learning, Government
GASB proposed the Implementation Guidance Update—2020 ED on November 20th with comments due by January 31, 2020. The IG proposal includes 23 new questions and 5 updated questions. Topics range from the Financial Reporting Entity, Investment Pools, and Fiduciary Activities to Leases, AROs and Conduit Debt. The question and answer document addresses many of the implementation issues impacting governments for the most recent GASB standards.
Nov 7, 2019 | Government
GASB is looking for preparers to answer questions in a survey about interim financial reporting. As part of pre-agenda research, GASB would like to understand current practice and if there is a need for technical guidance. The survey can be found at https://www.fafsurveys.org/se/4CA36E926D01E3C5.
