GASB Statement 34 Resources
The GASB published in April an extensive question and answer guide to assist state and local governments in the preparation of the new financial statements. Visit their web site at http://www.rutgers.edu/Accounting/raw/gasb/new/index.html for more details
Chat with your peers about Statement 34
Chat with your peers about Statement 34 The GASB has added a new section to their web site that includes links to Electronic Discussion Groups and Chat Rooms regarding Statement 34.
Recipient Reporting for Certain Shared Nonexchange Revenues
The Governmental Accounting Standards Board has issued Statement 36, Recipient Reporting for Certain Shared Nonexchange Revenues, which changes the accounting methods that should be used by recipients of certain shared revenues derived from "nonexchange" transactions. In a nonexchange transaction, a government gives or receives value without directly giving or receiving equal value in exchange, such as collecting general taxes and providing or receiving grants.
Statement 36 amends Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, which required recipients of shared derived tax or imposed nonexchange revenue to account for it differently than the provider government. This practice could have resulted in the two governments recognizing the sharing at different times. [Read More]
GASB PRESS RELEASES
The following are highlights of recent press releases issued by the FASB.
GASB Publishes Guide to Implementing New Financial Statements
The Governmental Accounting Standards Board has issued an Implementation Guide to help the preparers and auditors of state and local government financial statements understand and apply the provisions of GASB Statement 34, Basic Financial Statements-and Management's Discussion and Analysis-for State and Local Governments.
The Implementation Guide is the centerpiece of the GASB's extensive efforts to assist governments with the preparation of the new financial statements required by Statement 34. That Statement, issued in June 1999, is one of the most comprehensive standards in the history of governmental accounting. All state and local governments will implement Statement 34 during the next two to four years.
"Throughout the process of developing these important improvements in financial reporting, the Board was fully committed to providing meaningful assistance to governments as they implement the changes," said GASB Chair Tom L. Allen. "Since the adoption of Statement 34, the GASB has been working diligently to make the transition period as smooth as possible." [Read More]
GASB Substantially Revises Public College
and University Financial Reporting Standards
In a move that broadens the recent historic changes in governmental accounting to encompass public colleges and universities, the Governmental Accounting Standards Board published new standards for external financial reporting by these institutions. Public colleges and universities will now follow the financial reporting standards the GASB approved in June 1999, which considerably revised the look and contents of state and local government financial statements.
“The objective of the new standards is to enhance the understandability and usefulness of public college and university financial statements,” said GASB Project Manager Joseph Blythe. “The GASB believes that the information provided will better meet the needs of those who use financial reports issued by institutions of higher education.”
The new standards—known as GASB Statement No. 35, Basic Financial Statements—and Management’s Discussion and Analysis—for Public Colleges and Universities, amend GASB Statement 34, which dramatically changed how state and local governments report their finances. Statement 35 effectively extends the guidance of the new governmental financial reporting model to include public colleges and universities. [Read More]
GASB Issues Interpretative Guidance Accrual Standards
The Governmental Accounting Standards Board today issued Interpretation 6, Recognition and Measurement of Certain Liabilities and Expenditures in Governmental Fund Financial Statements, that addresses long-standing concerns about the interpretation and application of existing modified accrual standards. The purpose of modified accrual accounting is to measure flows of current financial resources in governmental fund financial statements. [Read More]
GASB Rescinds Year 2000 Disclosure Requirements
The Governmental Accounting Standards Board has rescinded two Technical Bulletins that address year 2000 disclosures made by state and local governments. Governments successfully made the transition through the New Year and did not experience significant year 2000-related problems. [Read More]
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