GASB Statement No. 87, Leases
What is GASB 87? GASB 87 is the new lease accounting standard issued by the Governmental Accounting Standards Board, GASB. This new standard supersedes GASB 13 and GASB 62. The goal of the new lease accounting standard is to: More accurately portray lease obligations Increase the usefulness of governmental financial statements This article will walk […]
GASB Statement No. 86: In-Substance Defeasance of Debt
GASB issued a new standard Monday for state and local government to apply when accounting for extinguishment of debt prior to its maturity. In Statement No. 86, Certain Debt Extinguishment Issues, GASB establishes rules for accounting for transactions in which cash and other monetary assets acquired with only existing resources are place in an irrevocable […]
GASB 84: Fiduciary Activities
GASB 84 was issued with the goal of improving financial reporting by properly identifying all of a government’s fiduciary activities, determining the type of fiduciary fund used to report each fiduciary activity, and presenting the financial statements of fiduciary funds appropriately. The standard creates a framework by which governments can determine whether an activity is […]
GASB Statement No. 83, Certain Asset Retirement Obligations
GASB issued guidance Wednesday for state and local governments to address asset retirement obligations related to tangible capital assets. Statement No. 83, Certain Asset Retirement Obligations, sets guidance for determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to asset retirement obligations. The dismantling and removal of a […]
STATEMENT NO. 82 PENSION ISSUES—AN AMENDMENT OF GASB STATEMENTS NO. 67, NO. 68, AND NO. 73
GASB issued financial reporting guidance Monday that is designed to address practice issues raised during implementation of the board’s new pension accounting standards for state and local governments. The guidance contained in GASB Statement No. 82, Pension Issues, addresses practice issues related to the following GASB statements: No. 67, Financial Reporting for Pension Plans. No. […]