Accounting

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.

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 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.

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.