GASB

The Governmental Accounting Standards Board is seeking input from the public about its preliminary views on clarifying changes to disclosure regulations related to state and local governments under severe financial stress and facing probable dissolution.

The board has requested comment on additional disclosures that state and local governments would need to provide in financial statements but faces a long timeline for implementation.

The Governmental Accounting Standards Board is looking for feedback on disclosure requirements related to infrastructure projects.

The Governmental Accounting Standards Board's new disclosure requirements focus on concentrations and constraints and governments will have to comply by June 15, 2024.

While only 29 city related pension plans in 2021 reported future fail dates for meeting retirement benefits, that number could worsen this year as investment returns tumble.

The influential financial advisory board has assembled a task force to sharpen terminology.

GASB has not had an academic on its board since June of last year when Professor Michael H. Granof of the University of Texas ended his second term.

Illinois is among the states that critics say have downplayed their unfunded long-term debts and should be forced by new GASB rules to become more transparent.

Alan Skelton previously served as state accounting officer for the state of Georgia, a position that is equivalent to state comptroller in other states.

Thousands of references to the acronym were removed from the Government Finance Officers Association website.

The pandemic has caused some special circumstances for state and local governments in juggling their finances. Jeffrey Previdi, the vice-chairman of the Governmental Accounting Standards Board who spent more than 20 years of his career at S&P Global Ratings, talks about what his regulatory organization has done to assist them. Previdi also talked about how GASB influences how state and local governments spend taxpayer money on such things as schools, firehouses, water treatment plants, and other infrastructure. Brian Tumulty hosts. (25 minutes)

The appointment of Black as GASB chairman last year was a break with the tradition of having a former state auditor serve in the post.

Lynnette Kelly started new positions at the Financial Accounting Foundation and at the Milken Institute.

This revision represents an update of Statement 34 issued in June 1999.

Vaudt knew he wanted a career in accounting when he took a bookkeeping course as a high school student in Iowa.

State auditors will continue to be represented on the Governmental Accounting Standards Board after Chairman David Vaudt ends his term June 30 although not as the chairman.

Municipalities tend to face challenges when calculating their net investment and capital asset calculations, accountants found.

The Financial Stability Board issued a statement April 2 affirming that it is sticking with plans to transition away from Libor by the end of 2021.

GASB has announced that the requirement for the use of GASB 87 standard for lease accounting has been pushed back to fiscal years beginning June 15, 2021.

GASB said the delay comes in response to a number of requests because of the coronavirus pandemic, with some finance officers asking for up to an extra two years.