GASB Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments
GASB 76 reduces the authoritative GAAP categories in the GAAP hierarchy for state and local governments from four to two. The first category of GAAP consists of GASB statements of governmental accounting standards. The second category of GAAP comprises GASB technical bulletins and implementation guides, including AICPA guidance cleared by GASB. The new standard also addresses […]
GASB 74/75: Postemployment Benefits Reporting
The Governmental Accounting Standards Board has issued two new accounting standards that significantly change the way Other Postemployment Benefits are reported: Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, is effective for fiscal year 2016-17. Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions, is effective […]
Statement No. 73 Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement 68, and Amendments to Certain Provisions of GASB Statements 67 and 68
GASB Statement 73 is for accounting and financial reporting for pensions not within the scope of GASB Statement 68. This is effective for employer fiscal years beginning after June 15, 2016. GASB 73 applies to pension plans (both defined benefit and defined contribution). It applies to plans which either do not have any dedicated assets […]
Statement No. 72 Fair Value Measurement and Application
For colleges and universities that follow governmental accounting standards (GAS) the definition of fair value has changed. In February 2015, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 72 (GASB 72), Fair Value Measurement and Application, which addresses accounting and financial reporting issues related to fair value measurement. The standard provides guidance for […]
Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date—an amendment of GASB Statement No. 68
The objective of this Statement is to address an issue regarding application of the transition provisions of Statement No. 68, Accounting and Financial Reporting for Pensions. The issue relates to amounts associated with contributions, if any, made by a state or local government employer or nonemployer contributing entity to a defined benefit pension plan after […]