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GASB Has Added Projects to their agenda
The GASB has recently added two projects to their technical agenda – Compensated Absences and Prior-Period Adjustments, Accounting Changes and Error Corrections. Information is available on the GASB Project Page.
Added March 13, 2020, By Bret Brodersen
FREE GASB Statement No. 87 – Leases Standard Webinars
KPMG has posted three (3) free recorded webinars regarding GASB Statement No. 87 – Leases.
Added November 25, 2019, By Stacie Tellers
Pension Accounting: 2019 Participating Employer Financial Information (PEFI) now available!
The Washington State Department of Retirement Systems has published the 2019 Participating Employer Financial Information (PEFI) report!
Added October 21, 2019, By Stacie Tellers
Help the GASB Collect Implementation Information About Statement 84
The Governmental Accounting Standards Board is making significant changes to how it collects information from governments about the effort required to implement major statements. The changes will make the process timelier and result in more accurate information to support the GASB’s standards-setting activities. The new process is described in a two-page article recently published on the GASB website.
Under the new process, the GASB will invite governments to volunteer to participate, in addition to its usual practice of inviting a random sample of governments. If you are interested in participating in the process for the implementation of Statement No. 84, Fiduciary Activities, please click here to register.
What does participation entail?
Participating in the new process will not require much effort or time on your part, though the potential benefits to the standards-setting process could be substantial. You will be asked to do three things:
- Register to participate and answer some questions about the staff hours and non-staff costs associated with preparing your audited financial report for the year before you implement Statement 84. (If your government is still in that fiscal year, the GASB subsequently will send you a link to a website for reporting that information after the fiscal year has ended.) The GASB also will ask you to send it a copy of that financial report.
- Keep track of the staff hours and non-staff costs specifically associated with implementing Statement 84 as part of preparing your audited financial statements for your first fiscal year ending December 31, 2019 or later. After that fiscal year, the GASB will send you a link to a website where you can report those staff hours and non-staff costs, upload a copy of your audited financial report, and tell the GASB about any parts of Statement 84 that you found particularly difficult to apply.
- Keep track of the staff hours and non-staff costs in the second year of applying Statement 84. After that fiscal year, the GASB again will send you a link to a website where you can report staff hours and non-staff costs and upload a copy of your audited financial report.
The GASB understands that most governments do not have a system that allows them to track hours and costs related to a particular statement. However, the GASB hopes that by engaging governments before they implement the standards, governments will be able to keep informal records that will enable them to make an informed and more accurate estimate of the staff hours and non-staff costs required to implement.
The GASB plans to conduct several teleconferences during the summer and early fall to answer questions participants may have about the process and what staff hours and non-staff costs should be included. More information about those teleconferences will be available soon.
Governments that complete the process will receive an official letter from the GASB chairman, thanking them for their participation in this important initiative.
How can you volunteer to participate?
You can volunteer by visiting this website and providing your contact information. Depending on the month in which your fiscal year ends, you also may be asked to answer some questions about staff hours and non-staff costs. You will be able to save the survey and return later to answer those questions if you need additional time.
(republished from NASACT Weekly News Update – July 1)
Added July 3, 2019, By Stacie Tellers
*FREE* Moss Adams Webcast – Leases
Moss Adams is providing a FREE webcast regarding the Governmental Accounting Standards Board’s (GASB) Statement Number 87, Leases, which significantly changes accounting and reporting requirements for lease arrangements. The standard is effective for reporting periods beginning after December 15, 2019, meaning it’s a good time to begin planning for implementation.
Join Moss Adams for this FREE webcast addressing important aspects of GASB 87 and its potential impacts on governmental entities—including changes to lease recognition, measurement, and related disclosures for government lessees and lessors. Some key topics they will discuss include the following:
- Overall scope and objectives of the new standard
- Timing, transition, and impacts of the changes on your entity
- Insight into how lessees and lessors can prepare for implementation
This LIVE and FREE webcast will provide 1 CPE for your active attendance in the webcast. Please visit Moss Adams for registration and more details.
Added December 13, 2018; By: Stacie Tellers
Study of the Studies – an Office of the State Treasurer’s Report on the Idea of a State Bank
The Office of the State Treasurer has published the Study of the Studies report on their website. This report is the culmination of thorough review of all the previous studies completed by other states and municipalities on the topic the “State Bank”.
Access the report here: The Office of the State Treasurer’s Study of the Study
Added November 5, 2018: By Stacie Tellers on behalf of the Office of the State Treasurer
FREE Training (Webinar) Regarding GASB 87 – Leases
The implementation of GASB Statement 87 – Leases is quickly approaching. Are you ready? Do you need more information?
Crowe – a public accounting, consulting, and technology firm, has put together a 55 minute webinar on this very subject. The webinar provides a summary of the statement and is a great resource to help you get started or to get more information.
This webinar is FREE and available on Crowe’s website: Click here to view the webinar
Added September 28, 2018; By: Stacie Tellers
GASB Clarifies Guidance
on Majority Equity Interests
Norwalk, CT, September 4, 2018—The Governmental Accounting Standards Board (GASB) has issued guidance clarifying the accounting and financial reporting requirements for a state or local government’s majority equity interest in an organization that remains legally separate after acquisition.
A public hospital’s acquisition of a rehabilitation center that remains legally separate after acquisition is an example of the type of transaction the new guidance addresses.
Under Statement No. 90, Majority Equity Interests, a government’s majority equity interest in a legally separate organization should be reported as an investment if that equity interest meets the GASB’s definition of an investment. In many instances, a majority equity interest that meets the definition of an investment should be measured using the equity method.
Statement No. 72, Fair Value Measurement and Application, defines an investment as “a security or other asset that (a) a government holds primarily for the purpose of income or profit and (b) has a present service capacity based solely on its ability to generate cash or to be sold to generate cash.”
For a majority equity interest in a legally separate entity that does not meet the definition of an investment, Statement 90 requires a government to report the legally separate entity as a component unit.
Statement 90 also establishes guidance for remeasuring assets and liabilities of wholly acquired governmental organizations that remain legally separate. That guidance brings the reporting of those acquisitions in line now with existing standards that apply to acquisitions that do not remain legally separate.
<Copied from: GASB Media Advisory 09/04/18>
Added September 5, 2018; By: Stacie Tellers
Security and Exchange Commission (SEC) Approves Amendments to Disclosure Rules
The amendments approved by the SEC to the Municipal Securities Disclosures on Monday, August 20th have been 17 months in the making. The two new triggering events that will require issuers to make a public disclosure within ten (10) business days of the event are:
- Any incurrence of a financial obligation of the issuer or obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a financial obligation of the issuer or obligated person, any of which affect security holders, if material; and
- Any default, event of acceleration, termination event, modification of terms, or other similar events under the terms of the financial obligation of the issuer or obligated person, any of which reflect financial difficulties.
The term “financial obligation” means:
- (i) any debt obligation (including a lease arrangement that operates as a vehicle to borrow money);
- (ii) any derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or
- (iii) any guarantee of (i) or (ii).
- Note: “financial obligation” does not include the securities in which a final official statement has been provided to the Municipal Securities Rulemaking Board (MRSB)’s Electronic Municipal Market Access (EMMA) that are consistent with Rule 15c2-12. (i.e. the normal bond issuance)
The SEC’s decision to implement the triggering events and amend Rule 15c2-12 is to ensure the timely and public availability of various disclosures regarding municipal securities to the investors in municipal securities and other users of the information via EMMA.
MSRB provides information on all the continuing disclosure requirements (required and voluntary disclosures), training on the EMMA Dataport, deadlines, format requirements, and more. MSRB is working to update their information to incorporate the newest amendments to the disclosure requirements. For access to the MSRB Continuing Disclosures website, click HERE.
For more information regarding continuing disclosure requirements:
- Contact your Municipal or Public Finance attorney.
- Visit MSRB/EMMA
- Visit the SEC Website:
Added August 23, 2018; By: Stacie Tellers