GASB

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.

The Governmental Accounting Standards Board released a proposed concepts statement to guide GASB when establishing note disclosure requirements for state and local governments.

The exposure draft covers various accounting and financial reporting issues that were identified during implementation, application, and due process on GASB standards.

The recent leasing rules from the Financial Accounting Standards Board and the Governmental Accounting Standards Board are turning out to be harder to follow than many organizations expected.

The board released updated implementation guidance for its leases standard, along with other accounting standards for state and local governments.

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The Governmental Accounting Standards Board issued a proposal to improve the accounting and financial reporting requirements for state and local governments.

The foundation’s annual report highlights the boards’ efforts to support stakeholders in the pandemic.

The board proposed changing “comprehensive annual financial report” to “annual comprehensive financial report” because the abbreviation sounds like a racist term in South Africa.

The Governmental Accounting Standards Board is looking for feedback on a proposal to improve the guidance on compensated absences for state and local government employees, along with disclosure requirements.

To the detriment of many state and local governments, budget decisions are being made based on bad accounting information.

The exposure draft covers leases, fiduciary activities and other topics.

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 need it.

The Governmental Accounting Standards Board is working on developing new standards for state and local governments to use under its new chair, Joel Black, while responding to the novel coronavirus pandemic.