Statement No. 70 Accounting and Financial Reporting for Nonexchange Financial Guarantees
The Governmental Accounting Standards Board has issued Statement No. 70, Accounting and Financial Reporting for Nonexchange Financial Guarantees. This statement is intended to improve the recognition, measurement and disclosure guidance for governments that have extended or received financial guarantees that are nonexchange transactions. Statement No. 70 requires governments that extend nonexchange guarantees to recognize a […]
Statement No. 69 Government Combinations and Disposals of Government Operations
The Governmental Accounting Standards Board (GASB) recently issued Statement No. 69 to provide guidance to state and local governments for combinations and disposals of government operations. This Statement will enable governments to determine if a combination is a government acquisition, a government merger, or a transfer of operations. Governments have historically accounted for mergers, acquisitions, […]
Statement No. 67 and 68, Financial Reporting for Pension Plans and Employers
The Governmental Accounting Standards Board (GASB) recently approved two new statements that will change the way a public retirement system like SDRS discloses its pension information. The new GASB Statements are a change from the way financial disclosures have been made in the past, and SDRS will be assisting affiliated employers in the development of […]
Statement No. 65 Items Previously Reported as Assets and Liabilities
In 2007, the Governmental Accounting Standards Board (GASB) released Concepts Statement No. 4 Elements of Financial Statements which provides a framework for determining the nature of a financial accounting or reporting issues. Since the release of the framework, GASB has been looking at the assets and liabilities on the balance sheet to determine if they […]
Statement No. 63 Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position
Statement No. 63 provides guidance for reporting deferred outflows of resources and deferred inflows of resources within the financial statements of governmental entities. These elements were previously identified and defined in GASB Concepts Statement No. 4, Elements of Financial Statements, but no guidance was provided on the financial statement presentation. Deferred outflows of resources are […]