GASB

The Governmental Accounting Standards Board released new guidance to provide a unified accounting treatment for compensated absences of state and local government employees and simplify the disclosure work.

The board released guidance Monday to improve the accounting and financial reporting requirements for state and local governments.

The board of trustees released a draft strategic plan Tuesday and is asking for input.

The board issued guidance Monday to address different accounting and financial reporting issues it identified.

Governmental Accounting Standards Board chair Joel Black has plans as GASB prepares to issue new standards on compensated absences, accounting changes and error corrections, while also weighing issues like digital assets, electronic financial reporting and subsequent events.

The Governmental Accounting Standards Board set the effective date for the GASB 87 leases standard at June 15, 2021, after pushing it back by 18 months during the pandemic, but many state and local governments are apparently behind on implementing it.

With Kathleen Casey's term due to end at the end of 2022, the trustees has begun the search for her successor.

The Governmental Accounting Standards Board is adding a major project on going concern uncertainties and severe financial stress to its technical plan for the first third of this year.

The board is changing the term Comprehensive Annual Financial Report because the abbreviation is often pronounced the same way as a derogatory term.

Government budgets are prepared with “wild, wild west” accounting rules.