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 […]
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 […]