Government accounting

The board proposed requirements for governments to disclose information about risks that could affect the level of services they’re able to offer or their ability to meet obligations.

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 Financial Accounting Standards Board is asking its stakeholders to provide feedback on whether it should work on a new standard to account for government grants while building on an existing international standard.

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

The International Public Sector Accounting Standards Board issued a consultation paper on natural resources on Monday to consider various issues relating to recognition, measurement and presentation of natural resources by public sector entities.

The Federal Accounting Standards Advisory Board is looking for feedback on an exposure draft of a proposed set of technical clarifications and amendments on lease accounting for the federal government.

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 board released an exposure draft of a proposed standard for multi-employer retirement plan obligations.

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.