Accounting standards

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.

Joe Torsella said the online tool will help portray long-term drivers of the state’s financial picture.

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

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.

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.

The exposure draft, Replacement of Interbank Offered Rates, proposes removal of all inter-bank offered rates as an appropriate benchmark interest rate effective for reporting periods beginning after Dec. 15, 2020.

GASB is taking action because changing the reference rate on the hedge is ordinarily considered a termination event.

The state's net position worsened to negative $189.1 billion according to the CAFR, which arrived almost 14 months after fiscal 2018 ended.

State and local governments and trade groups have until Sept. 13 to submit comments on the 48-page exposure draft GASB released June 13.

New York City Comptroller Scott Stringer received several awards for excellence in financial reporting.

The federal government shutdown has demonstrated the need for a more independent source of public finance for cities and urban counties.

New York City Comptroller Scott Stringer released the city’s Comprehensive Annual Financial Report for Fiscal Year 2018 on Wednesday.

The new GASB standards apply to Other Post-Employment Benefits, or OPEB, which mostly pertain to retiree health benefits, but also can include dental, vision, disability and death benefits.

The proposed new standard aims to create consistent practice in how conduit issuers report their liabilities.

Chicago's 2017 CAFR offers deep dive into Chicago's fiscal gains and deeper strains.

The Government Finance Officers Association honored New York City Comptroller Scott Stringer for excellence in financial reporting.

State and local governments in some cases weren’t disclosing terms of direct borrowings, private placements that exposed them to risks different from those related to other types of debt.

The new tax law may have accounting implications for previously hedged tax-exempt Libor based loans.

GASB Statement 87 provides one approach to all leases of tangible assets.