Accounting

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. […]

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 […]

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 […]

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 […]

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 […]