GASB

The Governmental Accounting Standards Board is proposing to delay the effective dates of provisions for all Statements and Implementation Guides by one year.

The Governmental Accounting Standards Board is working on several fronts to offer relief to state and local governments and other stakeholders in the midst of the pandemic, including delaying the effective date of some standards.

The Governmental Accounting Standards Board published guidance to help state and local governments transition move to newer reference rates that are less prone to market manipulation.

The Governmental Accounting Standards Board is considering delaying the effective dates of its standards and implementation guides because of the novel coronavirus pandemic.

The proposal involves how to define the criteria for the component units in pension plans and deferred compensation plans for state and local government employees.

The Financial Accounting Foundation, the group that oversees the Financial Accounting Standards Board and the Governmental Accounting Standards Board, has named acting president John W. Auchincloss as the FAF’s executive director.

The board is looking for comment on a proposed concepts statement around the issue.

The Governmental Accounting Standards Board released guidance on leases, pension plans and a wide range of other accounting and financial reporting issues that were identified during the implementation and application of some of its earlier pronouncements.

The Financial Accounting Foundation’s board of trustees has named Joel Black, partner in charge of the audit practice at Top 100 Firm Mauldin & Jenkins, the next chair of the Governmental Accounting Standards Board.

The reporting requirements will be in effect for government entities beginning Dec. 15 for all reporting periods subsequent to that date.