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.
Oct 16, 2019 | Government
Governmental Accounting Standards Board (GASB) has introduced an exposure draft to address issues when LIBOR goes away for hedges and leases for governmental entities. Trying to ease the burden on governments, the proposal would allow entities to continue using hedge accounting for certain hedging derivative instruments that are amended or replaced due to the LIBOR transition. Comments are due November 27, 2019.
Aug 21, 2019 | Accounting, Government
This week’s blog is a two for one special. GASB has issued two niche exposure drafts. The first is the 20XX Omnibus that addresses a variety of very specific technical issues and corrections. The second addresses the scope of pension guidance with respect to...