GASB

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.

GASB is considering postponing the effective dates of eight statements and five implementation guides.

GASB will release on April 16 a list of delays to various initiatives because of the coronavirus pandemic.

GASB Statement 92 covers 8 new standards for GAAP accounting in Omnibus 2020

Members of GFOA’s Debt Committee agreed Monday to form a working committee that will publicize the issues involved in the transition among the organization’s more than 21,000 members.

The Financial Accounting Foundation stirred controversy among public finance groups earlier this month when it indicated the next GASB chairman will not have government service as part of his background.

The Financial Accounting Foundation abandoned its tradition of selecting a state auditor to chair the Governmental Accounting Standards Board.

GASB’s final guidance on the Replacement of Interbank Offered Rates is expected to be issued in March, giving state and municipal governments plenty of time to make adjustments before Libor is phased out by the end of 2021.

Implementation Guidance 2020 covers leases, fiduciary activities, asset retirement obligations, conduit debt obligations and amendment to parts of implementation guides issued in 2015 and 2017.

In formal comments filed with the federal government and separately to GASB, municipal finance groups have given the regulators generally high marks.