GASB Statement No. 81, Irrevocable Split-Interest Agreements
GASB issued recognition and measurement guidance Tuesday for governments that benefit from irrevocable split-interest agreements. A typical irrevocable split-interest agreement provides benefits to at least two beneficiaries—a government (often a public college, university, or hospital) and another beneficiary designated by the donor. The donor transfers the related assets either to the government or to a […]
STATEMENT NO. 79 CERTAIN EXTERNAL INVESTMENT POOLS AND POOL PARTICIPANTS
The standard addresses how certain state and local government external investment pools—and participants in those pools—may measure and report their investments in response to an SEC rule scheduled to take effect in April. Under GASB Statement No. 79, Certain External Investment Pools and Pool Participants, qualifying external investment pools are permitted to measure pool investments […]
STATEMENT NO. 80 BLENDING REQUIREMENTS FOR CERTAIN COMPONENT UNITS—AN AMENDMENT OF GASB STATEMENT NO. 14
GASB Statement No. 80, Blending Requirements for Certain Component Units, requires these component units to be blended into the primary state or local government’s financial statements, in a manner similar to a department or activity of the primary government. The standard was created to clarify the display requirements in GASB Statement No. 14, The Financial […]
GASB Statement No. 78, Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans
To further enable state and local governmental employers to obtain necessary measurements and information for some multiple-employer defined benefit plans, the Governmental Accounting Standards Board (GASB) issued Statement No. 78 – Pensions Provided through Certain Multiple-Employer Defined Benefit Pension Plans – in December 2015. Statement No. 78 amends the scope and applicability of Statement No. […]
GASB Statement No. 77, Tax Abatement Disclosures
In August 2015, the GASB issued Statement No. 77, Tax Abatement Disclosures. The pronouncement is effective for periods beginning after December 15, 2015. This statement requires disclosure of tax abatement information concerning: a reporting government’s own tax abatement agreements. agreements that are entered into by other governments that reduce the reporting government’s tax revenues. What […]