What is GASB 72?

Governmental Accounting Standards Board (GASB) Statement No. 72, Fair Value Measurement and Application, provides guidance for determining and applying fair value measurements for financial reporting for governments. It’s effective for years beginning after June 15, 2015.

What is the GASB 34 threshold?

As a general rule, capitalization thresholds should be designed to encompass approximately 80 percent of a government’s total noninfrastructure assets. . . . In no case should a government establish a capitalization threshold of less than $1,000 for any individual item. Depreciation of capital assets under GASB 34.

What GASB 31?

Accounting and Financial Reporting for Certain Investments and for External Investment Pools. (Issued 3/97) Summary. This Statement establishes accounting and financial reporting standards for all investments held by governmental external investment pools.

What is GASB 35?

35 is an amendment of GASB Statement No. 35, Basic Financial Statements – and Management’s Discussion and Analysis – For Public College and Universities, establishes accounting and financial reporting standards for public colleges and universities within the financial reporting guidelines of GASB Statement No. 34.

What GASB 40?

In March 2003, GASB issued GASB Statement No. 40, Deposit and Investment Risk Disclosures. 40 adds to and changes certain of the financial statement disclosure requirements for cash and investments of local governments.

What is the GASB 68?

GASB, Financial Accounting Standards Board. 68, Accounting and Financial Reporting for Pensions, revises and establishes new financial reporting requirements for most state and local governments that provide their employees with pension benefits.

What is GASB 54?

Fund balance refers to the difference between assets and liabilities in the governmental funds balance sheet. Statement 54 was designed to improve financial reporting by establishing fund balance classifications that are easier to understand and apply. …

What is RSI in governmental accounting?

It establishes that the basic financial statements and required supplementary information (RSI) for general purpose governments should consist of: Management’s discussion and analysis (MD&A). Government-wide financial statements, consisting of a statement of net assets and a statement of activities.

Do public universities use GASB?

Most public institutions were using GASB reporting standards in 2002, but some continued to use the Common Form through 2003; all institutions were required to report using GASB standards by 2004.

What is GASB 73?

GASB Statement 73 is for accounting and financial reporting for pensions not within the scope of GASB Statement 68 and applies for employer fiscal years beginning after June 15, 2016. With no assets in an irrevocable trust, the entire total pension liability is shown on the employer’s balance sheet under GASB 73.

Who does the GaSb apply to?

Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, and public utilities, hospitals and other healthcare providers, and colleges and universities.

What are the GaSb financial statements for state and local governments?

To help governments implement Statement no. 34, GASB issued Statement no. 37, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments: Omnibus, and Statement no. 38, Certain Financial Statement Note Disclosures in June 2001 (see Official Releases, page 127).

What is the GaSb’s preliminary views proposal?

In June 2020, the GASB issued a Preliminary Views proposal in its project to develop a comprehensive model for recognizing expenses and revenues. Learn more about the project and how to share your views.

Is the GaSb reexamining the financial reporting model?

In July 2020, the GASB issued an Exposure Draft in its reexamination of the Financial Reporting Model. Learn more about the project and how to share your views. Financial Reporting Model Reexamination -Feature Pane – More Link