Risk Financing Omnibus—an amendment of GASB Statement No. [Full Text]  [Status] Accounting for Compensated Absences Effective date: Statistical sections prepared for periods beginning after June 15, 2005 Effective date beginning after: June 15, 1993 “If you have any type of proprietary type funds such as a municipal golf course, an arena, an airport, those typically involve some level of transfers from the government to those funds to help offset expenses. [Full Text]  [Summary]  [Status], Statement No. Effective date: For periods beginning after December 15, 2004 6 Since our last quarterly GASB update, the GASB moved forward with allowing delays in implementation of some new standards upon issuance of GASB Statement No. [Full Text]  [Summary]  [Status], Statement No. Accounting for Escheat Property The requirements of the related Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999: If comparative financial statements are presented, restatement of prior-period financial statements is required. “The one thing we’ve talked about with our clients is because this is new, obviously it creates a lot of financial disclosures that are required, and you really need to gather up all these leases,” said Doyle. New questions about the application of GASB’s standards are addressed in Implementation Guide No. (Issued 06/19) The requirements related to application of Statement 84 to postemployment benefit arrangements and those related to nonrecurring fair value measurements of assets or liabilities are effective for reporting periods beginning after June 15, 2021. Effective for Fiscal Year 2020 – Beginning July 1, 2019 16. Effective date beginning after: June 15, 1997 Objectives of Financial Reporting [Full Text]  [Summary]  [Status], Statement No. (Issued 5/04) Different provisions apply for reporting general infrastructure assets at transition. 34 Accounting and Financial Reporting for Proprietary Funds and Other Governmental Entities That Use Proprietary Fund Accounting 88, Certain 83, … This report describes CalPERS approach for crossover testing to fulfill Government Accounting Standards Board Statements 67 and 68 reporting requirements on discount rates for measurement date June 30, 2019 based on data from valuation date June 30, 2018. The requirements in paragraphs 6–9 of this Statement are effective for fiscal years beginning after June 15, 2021. 2019-1, … Implementation Guide No. (Issued 04/94) Effective date beginning after: Dec. 15, 1986 However, paragraphs 6, 14, and 15 should be implemented only if Statement 34 has also been implemented. However, there’s a lot of groundwork that needs to be done upfront in gathering the information, so we are telling our clients not to wait too long to do this.”, Both the FASB and GASB standards will put operating leases on the balance sheets of many entities for the first time ever. Statement No. (Issued 09/06) 44 [Full Text]  [Summary]  [Status], Statement No. Our popular summary of new and revised financial reporting requirements, updated for financial reporting periods ending on 31 March 2019. (Issued 12/04) 31 Implementation Guide No. The new leases standard is likely to add more pressure on their budgets. Reference Rate Reform In April 2020, the GASB issued new guidance to assist stakeholders in the transition away from referencing LIBOR—and other interbank offered rates—and toward new reference rates that are more reliable and robust. Effective date beginning after: Dec. 15, 1997 (Issued 5/02) 2019-1, “Implementation Guidance Update – 2019,” to clarify, explain, or elaborate on certain GASB pronouncements.The guide includes 14 new questions and answers to address application of existing GASB standards covering various topics including the following: Each entity will be different, and depending upon the volume of activity, it could impact the balance sheet and income statement significantly.”, Finding all those old leases, particularly during the pandemic, could be a big challenge, but accounting firms can help them locate and sort through those documents. Statement 84 is effective for reporting periods beginning after December 15, 2018—FY19 for most public institutions. Basic Financial Statements—and Management’s Discussion and Analysis—for Public Colleges and Universities—an amendment of GASB Statement No. Public institutions that are component units of a primary government should implement this standard at the same time as that primary government. Effective date beginning after: Dec. 15, 1989 beginning June 30, 2019. 2019-1, Implementation Guidance Update — 2019. 54 The board’s Proposed Accounting Standards Update (ASU) 2019-800, Codification Improvements, had sought to make a broad swath of fixes in disclosure rules, concepts statement references, and a variety of subtopics. Anoop Natwar Mehta, who chaired the Maryland Association of CPAs from 2012-2013, has been nominated to chair the American Institute of CPAs for 2022-2023. 85, Omnibus 2017, has been implemented. 1 Written by TOM SGOUROS Research Associate, Computer Science Department, Brown University. Applicability of FASB Statement No. to recognize the assets and liabilities for the rights and obligations created by those leases on the balance sheet. Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements Plans in which the sole or largest employer is a phase 3 government—with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007. (Issued 11/08) (Issued 1/87) Reporting Cash Flows of Proprietary and Nonexpendable Trust Funds and Governmental Entities That Use Proprietary Fund Accounting (Issued 08/19) 82 (GASB 82), and GASB Statement No. Statement 68 (Accounting and Financial Reporting for Pensions) paragraphs 26 to 31 14 and No. Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments: Omnibus—an amendment of GASB Statements No. The Governmental Accounting Standards Board is giving state and local governments extra time to implement its new leases standard because of the coronavirus pandemic, and they will probably need it because it has some complexities similar to those that businesses have been facing in applying the Financial Accounting Standards Board’s leases standard. Determining the Annual Required Contribution Adjustment for Postemployment Benefits 2 88, Certain 83, Disclosures Related to Debt , including Direct Borrowings and Direct Placements ). [Full Text]  [Summary]  [Status], Statement No. 75 Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (GASB75), as amended by GASB Statement No. [Full Text]  [Summary]  [Status], Interpretation No. Guide 2019-3 was issued in August 2019 and contains questions and answers to assist in implementing GASB Statement No. Three-month exception for BTAs . Effective date: This Statement should be implemented simultaneously with Statement 34. Certain Asset Retirement Obligations, or GASB Statement No. Recipient Reporting for Certain Shared Nonexchange Revenues—an amendment of GASB Statement No. Published: September 18, 2020 In May, the Governmental Accounting Standards Board (GASB) voted to delay implementation of several new accounting standards. Topics addressed in the guide’s Q&As include: [Full Text]  [Summary]  [Status], Statement No. (Issued 05/18) 2 (Superseded) This proved more complicated than the board expected, and some commenters cautioned that some of the changes could cause unintended consequences. Governments that were phase 1 governments for the purpose of implementation of Statement 34—those with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2006. 20 (Superseded) 53 2019-2, Fiduciary Activities, issued Monday, provides guidance about how to apply the provisions of GASB Statement No. Effective Date: For periods beginning after June 15, 2003 This Interpretation should be simultaneously implemented with Statement 34. 31 New Governmental Accounting Standards Board (GASB) Pronouncements . [Full Text]  [Summary]  [Status], Statement No. Accounting for Pensions by State and Local Governmental Employers He received the 2017 Service Award from the Georgia Government Finance Officers Association. Statement 68 … OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans 4 (Superseded) 34 (Issued 3/97) 39 Implementation Guide No. [Full Text]  [Summary]  [Status], Statement No. GASB issued an implementation guide Thursday that is designed to assist state and local government financial reporting personnel as they adopt and apply certain GASB statements. Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, Statement No. By Gregg Evans, on Thursday, April 16, 2020. Accounting Standards Update 2019-08 ... All entities, including early adopters, must apply the amendments in this Update to all new and existing leases. GASB Establishes New Guidance to Assist Stakeholders With the Implementation and Application of Various Pronouncements Norwalk, CT, May 2, 2019—The Governmental Accounting Standards Board (GASB) today issued question-and-answer guidance intended to clarify, explain, or elaborate on the implementation and application of certain GASB Statements. 5 (Issued 06/08) GASB Implementation Guide 2019-2, Q 4.45 and Q 4.46 further clarifies the meaning of paragraph 19: Normal expected holding period for a recurring receipt can be established by best practice rather than making the assessment each time a resource is received What is “NORMALLY expected” Each agency will determine and apply. [Full Text]  [Status] The new guidance on accounting rules and financial reporting requirements for government leases begins Dec. 15, 2019. (Issued 11/08) Effective date beginning after: June 15, 1987 The GASB standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of ... Several New GASB Statements GASB 83 – Assets GASB 84 – Agency Accounts GASB 87 – Leases 7. The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year. The 2019 U.S. Financial Reporting Taxonomy (Taxonomy) contains updates for accounting standards and other improvements since the 2018 Taxonomy as used by issuers filing with the U.S. Securities and Exchange Commission (SEC). The expected effective date is for years ending Dec. 31, 2019. He was appointed to the GASB’s Governmental Accounting Standards Advisory Council (GASAC) in 2019. (Issued 11/86) 1 The Government Accounting Standards Board approved Statements 67 and 68 on June 25, 2012. [Full Text]  [Summary]  [Status], Statement No. (Issued 12/84) 7. Accounting for Termination Benefits 35 [Full Text]  [Summary]  [Status], Statement No. New GASB Standards • To do’s & reminders ... What’s the goal for FY 2019? 34 [Full Text]  [Summary]  [Status], Statement No. Accounting and Financial Reporting for Special Assessments Measurement Focus and Basis of Accounting—Governmental Fund Operating Statements 6. Implementation Guide No. “One of the difficulties that we’ve discovered with some of our clients is that some of those leases are outside of their business offices, so they may have different types of departments that are handling those leases themselves. (Issued 03/16) (Issued 8/93) (Issued 3/87) Effective date beginning after: June 15, 1990 The decision by GASB took effect immediately, and came in response to requests by governments across the country grappling with the coronavirus pandemic. [Full Text]  [Summary]  [Status], Statement No. Rough waters: Tax pros' financial advice for the next six months, A dive into the stimulus package's tax provisions, New coronavirus stimulus package contains some big tax items, KPMG tax chief plans for disruptive year ahead, FASB proposes goodwill alternative for private cos., nonprofits, Intuit adds Quarium as authorized cloud hosting provider. 72, Fair Value Measurement and Application, addresses accounting and reporting issues related to fair value measurements. The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities [Full Text]  [Summary]  [Status], Statement No. If they were the lessee, they recorded the expenditures and didn’t capitalize any of it. GASB is reexamining the financial reporting model and GASB Statement Nos. (Issued 10/91) [Full Text]  [Summary]  [Status], Statement No. But your business type activities, those enterprise funds, will see a difference because they’re full accrual.”, Many state and local governments will need to take inventory of their leases, similar to the way businesses have needed to collect all their leases to apply the new FASB standard. Effective Date: For periods beginning after June 15, 2009 Appoints Two New Trustees April 19, 2019 FAF Opens Nominations for FASB and GASB Chair Positions April 1, 2019 GASB Issues Proposed Implementation Guide on Leases ... Vice Chairman of Governmental Accounting Standards Board May 17, 2017 New Implementation Guides Provide Clarity on Requirements of GASB Standards May 9, 2017 All other requirements of this Statement are effective for reporting periods beginning after June 15, 2021. 9 (Issued 5/03) 93,"Recognition of Depreciation by Not-for-Profit Organizations," to Certain State and Local Governmental Entities 42 68 for the fiscal year ending June 30, 2020 (Reporting Date). NEW YORK, March 4, 2019 — Work to adopt the mandatory Governmental Accounting Standards Board (GASB) lease accounting standard (GASB 87) has not begun for half of those employed in state and local governments (51.4%) and public higher education institutions (50%), per a Deloitte poll of professionals working at organizations subject to GASB standards. The change would make it easier for private companies and nonprofit organizations to evaluate a goodwill triggering event. [Full Text]  [Summary]  [Status], Statement No. The requirements in (1) paragraph 4 of this Statement as it applies to defined contribution pension plans, defined contribution OPEB plans, and other employee benefit plans and (2) paragraph 5 of this Statement are effective immediately. (Issued 5/90) [Full Text]  [Summary]  [Status], Concepts Statement No. 61 Effective Date: The requirements of this Statement are effective for reporting periods beginning after December 15, 2019. 27 Statement No. FY 2019 CAFR. [Full Text]  [Summary]  [Status], Statement No. 15 (Superseded) (Issued 10/93) Effective date: None stated This planning tool can help you start that discussion. These results also form the basis for financial reporting under GASB Statement No. Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2002. 6, and considering presentation alternatives for resource flows. The requirements related to the effective date of Statement 87 and Implementation Guide 2019-3, reinsurance recoveries, and terminology used to refer to derivative instruments are effective upon issuance. 12 (Superseded) 26 (Superseded) [Full Text]  [Summary]  [Status], Statement No. Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—a rescission of GASB Statement No. History . 19 (Superseded) Effective Date: Except for the requirements of Questions 4.85, 4.103, 4.109, 4.225, 4.239, 4.244, 4.245, and 5.1–5.4, and the requirements of Questions 4.484 and 4.491 in circumstances in which OPEB is provided through an OPEB plan that is administered through a trust that meets the criteria in paragraph 4 of Statement 75, the requirements of this Implementation Guide are effective for reporting periods beginning after June 15, 2017. It sounds like a long way off. “You really need to think about your leasing space as well. Effective date: For periods beginning after December 15, 2006 Paragraph 4 of this Statement as it applies to arrangements other than defined contribution pension plans, defined contribution OPEB plans, or other employee benefit plans. [Full Text]  [Status] Effective date beginning after: June 15, 1993 The requirements in Questions 4.80, 4.144, and 4.151 are effective for reporting periods beginning after June 15, 2017. (Issued 06/05) New accounting standards issued by the Governmental Accounting Standards Board (GASB) could have a significant impact on public sector organizations. [Full Text]  [Summary]  [Status], Concepts Statement No. Effective date beginning after: June 15, 1994 Phase 2—Financial statements for periods beginning after June 15, 2002, for governments with total annual revenues of $10 million or more but less than $100 million in the first fiscal year ending after June 15, 1999. [Full Text], Concepts Statement No. Determining Whether Certain Organizations Are Component Units—an amendment of GASB Statement No. They would be impacted by this because their revenues and expenditures are full accrual. (Issued 12/09) “You cannot underestimate how much time this will take to gather and value,” said Doyle. 2020-1, Implementation Guidance Update—2020 Final standards Implementation guidance update. 74 Financial Reporting for Postemployment Benefit Plans Other than Pension Plans (GASB74), as amended by But the indirect effect is that some of their component units for funds that are business type activities will have a change and may need additional funding to offset that.”, His first piece of advice for his clients at Bonadio is to start early. [Full Text]  [Status] 27 (Superseded) (Issued 6/93) [Full Text]  [Summary]  [Status], Statement No. “Then they also need to have all of the inputs to value these leases,” said Doyle. (Issued 12/93) 24 Implementation Guide No. Effective date beginning after: June 15, 1996 2019 Fiscal Year 2019 GASB 74/75 Report ... reporting under Governmental Accounting Standards Board (GASB) Statement No. (Issued 12/98) Plans in which the sole or largest employer is a phase 2 government—with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2006. Land and Other Real Estate Held as Investments by Endowments Phase 3 governments—with total annual revenues of less than $10 million—should apply this Statement for fiscal periods beginning after June 15, 2003. Accounting for Taxpayer-Assessed Tax Revenues in Governmental Funds 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans With the implementation of the pension and other postemployment benefits standards not far in the rearview mirror, there are two new standards that will have an impact on financial reporting. Accounting Today is a leading provider of online business news for the accounting community, offering breaking news, in-depth features, and a host of resources and services. (Issued 11/94) Effective date: None stated Earlier application is encouraged if the Statement addressed by the question and answer has been implemented. Financial Reporting for Postemployment Healthcare Plans Administered by Defined Benefit Pension Plans Question … 13 GASB Statements and Projects GASB • New in FY19 •GASB Stmt. [Full Text]  [Summary]  [Status], Concepts Statement No. The amendment related to Issue 3 is a conforming amendment that affects the guidance in the amendments in Accounting Standards Update 2019-04, Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and … 13 Statement No. Accounting for Operating Leases with Scheduled Rent Increases It was originally set to take effect for reporting periods starting after Dec. 15, 2019, but in May of this year, GASB issued Statement No. [Full Text]  [Status]. In May, the Governmental Accounting Standards Board (GASB) voted to delay implementation of several new accounting standards. A flurry of new accounting standards has been issued in recent years, and 2019 and 2020 promise to be a time of heavy activity as your utility either evaluates a new standard’s impact or dives into the implementation process. 49 Financial Reporting for Reverse Repurchase Agreements—an interpretation of GASB Statement No. (Issued 04/17) Phase 1—Financial statements for periods beginning after June 15, 2001, for governments with total annual revenues of $100 million or more in the first fiscal year ending after June 15, 1999. Historically if they were the lessor, they just reported this revenue as it came in and didn’t capitalize any of it. Do you feel like this? [Full Text]  [Summary]  [Status], Concepts Statement No. (Issued 9/86) 5 39. 87, Leases, and Implementation Guide No. Accounting and Financial Reporting for Risk Financing and Related Insurance Issues 3 95- Postponement of the Effective Dates of Certain Authoritative Guidance, which … 29 (Superseded) Greg Engel is anticipating another year of tumultuous changes as clients deal with the coronavirus pandemic and new policies from the incoming Biden administration. For governments that have implemented Statement 34 prior to the issuance of this Statement, the requirements of this Statement are effective for financial statements for periods beginning after June 15, 2002 rates for measurement date June 30, 2019 based on data from valuation date June 30, 2018. 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