The Governmental Accounting Standards Board (GASB) has issued Statement No. 84, Fiduciary Activities and this new standard will be implemented for the fiscal year ending June 30, 2020. This standard changes the definition of a fiduciary activity, establishes criteria for identifying fiduciary activities, and establishes reporting standards for fiduciary activities. One of the major changes...

The Governmental Accounting Standards Board (GASB) has issued Statement No. 84 Fiduciary Activities, effective for the fiscal year ended June 30, 2020. The goal of this Statement is to enhance the consistency and comparability of fiduciary activity reporting. This statement establishes criteria for identifying fiduciary activities and determines how fiduciary activities should be reported.  The...

The Governmental Accounting Standards Board (GASB) has issued two new statements that will be implemented for the fiscal year ending June 30, 2019. The first is GASB Statement No. 83, Certain Asset Retirement Obligations (GASB 83). This statement establishes the accounting and financial reporting standards for legal obligations to retire certain assets. For this standard...

+ Governmental entities are implementing Governmental Accounting Standards Board Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, (GASB 75) for the fiscal year ended June 30, 2018. This statement supersedes GASB 45 and portions of others. The revised requirements provided in GASB 75 establish new financial reporting requirements for local...

What We Have Seen in 2017 Governmental entities are implementing Governmental Accounting Standards Board Statement No. 77, Tax Abatement Disclosures, (GASB 77) for the fiscal year ended June 30, 2017. This statement is being implemented to ensure that the following requirements are met – Financial Statements should include: information about whether current year revenues were...

Government entities have been providing pension benefits to their employees for many years. The promise that pension benefit payments will be made to employees when they retire creates an accounting liability for the governmental entity. Governmental Accounting Standards Board (GASB) Statement No. 68 requires the pension liability to be reported in the financial statements of governments...