GASB 87 aligns with leasing standards issued by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB), and it will be effective for reporting periods beginning after Dec. 15, 2019. [Full Text]  [Summary]  [Status], Concepts Statement No. Important Notice—Error Correction for Statement No. Greg Engel is anticipating another year of tumultuous changes as clients deal with the coronavirus pandemic and new policies from the incoming Biden administration. 12 (Superseded) The requirements in (1) paragraph 4 of this Statement as it applies to defined contribution pension plans, defined contribution OPEB plans, and other employee benefit plans and (2) paragraph 5 of this Statement are effective immediately. Do you feel like this? Implementation Guide No. 68 for the fiscal year ending June 30, 2020 (Reporting Date). The Governmental Accounting Standards Board (GASB) released new accounting standards for public sector postretirement benefit programs and the employers that sponsor them. Earlier application is encouraged if the Statement addressed by the question and answer has been implemented. (Issued 5/02) beginning June 30, 2019. 57 (Superseded) [Full Text]  [Summary]  [Status], Statement No. Effective date ending after: Various Effective date: For periods beginning after December 15, 2006 72, Fair Value Measurement and Application, addresses accounting and reporting issues related to fair value measurements. GASB’s sister organization, FASB, also decided in May to delay the effective date of the leases standard for private companies and nonprofit organizations for one year (see story). 4 87 (“GASB 87”) substantially changes the reporting of government leases. Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements GASB Statement No. Effective date: For periods beginning after June 15, 2005. Accounting and Financial Reporting for Special Assessments (Issued 06/07) 3 84, Fiduciary Activities, the Governmental Accounting Standards Board (GASB) has issued a proposed Implementation Guide. Effective Date: For periods beginning after June 15, 2009 95, Postponement of the Effective Dates of Certain Authoritative Guidance. Accounting for Operating Leases with Scheduled Rent Increases Accounting and Financial Reporting for Pollution Remediation Obligations Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards Since our last quarterly GASB update, the GASB moved forward with allowing delays in implementation of some new standards upon issuance of GASB Statement No. GASB Establishes New Guidance to Assist Stakeholders With the Implementation and Application of Various Pronouncements Norwalk, CT, May 2, 2019—The Governmental Accounting Standards Board (GASB) today issued question-and-answer guidance intended to clarify, explain, or elaborate on the implementation and application of certain GASB Statements. (Issued 11/08) [Full Text]  [Summary]  [Status], Statement No. The guide was posted for public download in January. 71 (GASB71), GASB Statement No. (Issued 7/84) 2 (Issued 1/87) Background . 10 and 15 [Full Text]  [Summary]  [Status], Statement No. The effective date for Governmental Accounting Standards Board (GASB) No. 17 “This really just changes their entity-wide, or GASB 34, statements, which are full accrual. (Issued 12/93) (Issued 06/07) Effective date beginning after: Dec. 15, 1992 Effective date beginning after: June 15, 1996 68 and No. That is, the requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999: Earlier application is encouraged. 2019-2, Fiduciary Activities The expected effective date is for years ending Dec. 31, 2019. December 15, 2019, Governmental Accounting Standards Board Statement No. The Government Accounting Standards Board approved Statements 67 and 68 on June 25, 2012. Effective date ending after: Dec. 15, 1986 (Issued 10/93) [Full Text]  [Summary]  [Status], Concepts Statement No. We’ve actually put together a team here at Bonadio that can work with our clients and have started working with them toward identifying which leases are required to be implemented, how to value them, and even to the extent if they need us to go and gather these and compile them.”. [Full Text]  [Summary]  [Status], Statement No. Statement 84 is effective for reporting periods beginning after December 15, 2018—FY19 for most public institutions. 3 10 Financial Reporting for Postemployment Healthcare Plans Administered by Defined Benefit Pension Plans Effective date beginning after: June 15, 2000 GASB 88—Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. Effective dates are extended by one year for certain guidance in the following pronouncements: This will not change that at all. 13 GASB Statements and Projects GASB • New in FY19 •GASB Stmt. “If you think about a municipality or a school district, their fund basis of accounting is on modified accrual, and that has not changed at all,” Doyle explained. 5 Net Assets Restricted by Enabling Legislation—an amendment of GASB Statement No. For governments that have implemented Statement 34 prior to the issuance of this Statement, the requirements of this Statement are effective for financial statements for periods beginning after June 15, 2002 New Pension Accounting Standards May 2019. 72, Fair Value Measurement and Application, addresses accounting and reporting issues related to fair value measurements. Not all GASB standards affect each entity the same, so it is critically important that you work closely with your auditor to understand the timing and extent of their impact. 21 “The one thing we’ve talked about with our clients is because this is new, obviously it creates a lot of financial disclosures that are required, and you really need to gather up all these leases,” said Doyle. GASB has several new pronouncements that will be effective in the current year and future years: Fair Value. (Issued 6/94) For fiscal years starting after June 15, 2021, state and local governments will have to adhere to GASB Statement No. “The idea was to take these leases that in the governmental world had historically been reported as income statement type activities and get them onto the balance sheet,” said Doyle. 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