When we talk to a lot of our clients in terms of budgeting or the direct impact on their finances, for most governmental entities, municipalities and school districts, their funds and budgets are based upon fund accounting. 71 (GASB71), GASB Statement No. Appoints Two New Trustees April 19, 2019 FAF Opens Nominations for FASB and GASB Chair Positions April 1, 2019 GASB Issues Proposed Implementation Guide on Leases ... Vice Chairman of Governmental Accounting Standards Board May 17, 2017 New Implementation Guides Provide Clarity on Requirements of GASB Standards May 9, 2017 [Full Text]  [Summary]  [Status], Statement No. The board’s Proposed Accounting Standards Update (ASU) 2019-800, Codification Improvements, had sought to make a broad swath of fixes in disclosure rules, concepts statement references, and a variety of subtopics. [Full Text]  [Summary]  [Status], Statement No. 38 Effective date: None stated Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide [Full Text]  [Summary]  [Status], Statement No. Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues FASB issued new standards on revenue recognition and lease accounting several years ago. (Issued 12/93) The Financial Reporting Entity [Full Text]  [Summary]  [Status], Interpretation No. 33 Accounting and Financial Reporting for Certain Investments and for External Investment Pools The requirements in (1) paragraph 4 of this Statement as it applies to defined contribution pension plans, defined contribution OPEB plans, and other employee benefit plans and (2) paragraph 5 of this Statement are effective immediately. GASB has several new pronouncements that will be effective in the current year and future years: Fair Value. (Issued 9/93) 2 (Issued 09/06) New GASB Standards • To do’s & reminders ... What’s the goal for FY 2019? 2019-1, “Implementation Guidance Update – 2019,” to clarify, explain, or elaborate on certain GASB pronouncements.The guide includes 14 new questions and answers to address application of existing GASB standards covering various topics including the following: (Issued 04/05) Implementation Guide No. The trustees of the Financial Accounting Foundation (FAF) have appointed Carolyn Smith to the GASB for a five-year term beginning on July 1, 2019. 2 (Superseded) Determining Whether Certain Organizations Are Component Units—an amendment of GASB Statement No. 11. 74 Financial Reporting for Postemployment Benefit Plans Other than Pension Plans (GASB74), as amended by Different provisions apply for reporting general infrastructure assets at transition. Effective dates are extended by one year for certain guidance in the following pronouncements: Effective date: For periods beginning after June 15, 2009 In particular, GASB-88 distinguishes reporting standards for direct borrowing (such as when the government takes out a loan from a bank) versus direct placements (such as when the government issues bonds directly to investors). 2008-1 (Superseded) 5 Posted on: 10/3/16 by Heather R. Lewis, CPA. Applicability of FASB Statement No. Disclosure of Pension Information by Public Employee Retirement Systems and State and Local Governmental Employers Reference Rate Reform In April 2020, the GASB issued new guidance to assist stakeholders in the transition away from referencing LIBOR—and other interbank offered rates—and toward new reference rates that are more reliable and robust. But the indirect effect is that some of their component units for funds that are business type activities will have a change and may need additional funding to offset that.”, His first piece of advice for his clients at Bonadio is to start early. Statement No. [Full Text]  [Summary]  [Status], Concepts Statement No. The expected effective date is for years ending Dec. 31, 2019. Implementation Guide No. 75 Accounting and Financial Reporting for Postemployment Benefits Other than Pensions (GASB75), as amended by GASB Statement No. CONCORD, NH – The New Hampshire Retirement System (NHRS, the retirement system) has released reports for Fiscal Year 2019 related to Governmental Accounting Standards Board (GASB) Statements No. Effective date: For periods beginning after June 15, 2007, except for requirements related to the use of the entry age actuarial cost method for the purpose of reporting surrogate funded status and funding progress information for plans that use the aggregate actuarial cost method, which are effective for periods for which the financial statements and required supplementary information contain information resulting from actuarial valuations as of June 15, 2007, or later. Effective date: For periods beginning after December 15, 2006 [Full Text]  [Summary]  [Status], Statement No. LeaseAccelerator’s GASB 87 lease accounting functionality enables organizations to comply with the new standards quickly and easily. Do you accept the terms? 72, Fair Value Measurement and Application, addresses accounting and reporting issues related to fair value measurements. 2/13/2019. Effective date beginning after: June 15, 1996 GASB Publishes Implementation Guidance on Lease Accounting — August 15, 2019 Registration Opens for CPE Webinar In Focus: GASB Implementation Guides for Fiduciary Activities and Leases — August 6, 2019 GASB Proposes Omnibus Statement Addressing Wide Range of Practice Issues — July 9, 2019 GASB Proposes Guidance on Internal Revenue Code Section 457 Deferred Compensation Plans — … [Full Text]  [Summary]  [Status], Statement No. GASB Implementation Guide 2019-2, Q 4.45 and Q 4.46 further clarifies the meaning of paragraph 19: Normal expected holding period for a recurring receipt can be established by best practice rather than making the assessment each time a resource is received What is “NORMALLY expected” Each agency will determine and apply. Effective date: None stated Effective date beginning after: June 15, 1997 12 (Superseded) New GASB Standards • To do’s & reminders ... What’s the goal for FY 2019? [Full Text]  [Summary]  [Status], Statement No. It was initially effective for reporting periods that begin subsequent to December 15, 2019. Effective date: For periods beginning after June 15, 2010 The Governmental Accounting Standards Board (GASB) proposed today to postpone the effective dates of provisions in almost all Statements and Implementation Guides due to be implemented by state and local governments for fiscal years 2019 and later. 2018-1, Implementation Guidance Update—2018 21 and No. [Full Text]  [Summary]  [Status], Statement No. Implementation Guide No. 87 has … “And if we’re going to offer advice, number two, ask for help. Effective date: Effective upon issuance Effective date beginning after: Various 68 for the fiscal year ending June 30, 2020 (Reporting Date). 34 9 (Issued 03/14) 7. 90, Majority Equity Interests—an amendment of GASB Statements No. 14 [Full Text]  [Summary]  [Status], Interpretation No. 20 (Superseded) The requirements of Questions 4.85, 4.103, 4.109, 4.225, 4.239, 4.244, 4.245, and 5.1–5.4 are effective for actuarial valuations as of December 15, 2018, or later. Governmental College and University Accounting and Financial Reporting Models The decision by GASB took effect immediately, and came in response to requests by governments across the country grappling with the coronavirus pandemic. (Issued 6/93) Advance Refundings Resulting in Defeasance of Debt Question … (Issued 1/88) Phase 2 governments—with total annual revenues of $10 million or more but less than $100 million—should apply this Statement for fiscal periods beginning after June 15, 2002. (Issued 03/09) (Issued 04/17) But your business type activities, those enterprise funds, will see a difference because they’re full accrual.”, Many state and local governments will need to take inventory of their leases, similar to the way businesses have needed to collect all their leases to apply the new FASB standard. Plans in which the sole or largest employer is a phase 2 government—with total annual revenues of $10 million or more but less than $100 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2006. Pension Disclosures—an amendment of GASB Statements No. 48 55 (Superseded) 34 88, Certain 83, … 87, Leases, was proposed during 2017 and released in June of 2017. 6. OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans 87 (“GASB 87”) substantially changes the reporting of government leases. 54 Paragraphs 6–9 of this Statement and the supersession of the remaining requirements of Statement 32 (as detailed in paragraph 3 of this Statement). Effective Date:  Coincides with the effective date of GASB Statement 34 for the reporting government. Earlier application is encouraged if the related OPEB plan provision of Statement No. Those funds, because they are full accrual financial statements because they’re business type activities, they are going to have an impact from this lease standard. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, which is effective for reporting periods beginning after June 15, 2015. (Issued 04/17) The requirements related to application of Statement 84 to postemployment benefit arrangements and those related to nonrecurring fair value measurements of assets or liabilities are effective for reporting periods beginning after June 15, 2021. All other requirements of this Statement are effective for reporting periods beginning after June 15, 2021. Effective date beginning after: June 15, 1990 Effective date on issuance: Sept. 1986 In the absence of an interest rate, you may have to base that upon recent lending activities and what rates you were receiving. Implementation Guide No. The GASB has issued Implementation Guide No. New Governmental Accounting Standards Board Proposed. 13 GASB Statements and Projects GASB • New in FY19 •GASB Stmt. [Full Text]  [Summary]  [Status], Statement No. The Statement is intended to provide relief to governments and other stakeholders in light of the COVID-19 pandemic. Earlier application is encouraged if Statement 74 has been implemented. (Issued 05/18) Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—a rescission of GASB Statement No. Effective date beginning after: June 15, 1996 GASB Establishes New Guidance to Assist Stakeholders With the Implementation and Application of Various Pronouncements Norwalk, CT, May 2, 2019—The Governmental Accounting Standards Board (GASB) today issued question-and-answer guidance intended to clarify, explain, or elaborate on the implementation and application of certain GASB Statements. New questions about the application of GASB’s standards are addressed in Implementation Guide No. 32 Effective for Fiscal Year 2020 – Beginning July 1, 2019 16. Accounting and Financial Reporting for Capitalization Contributions to Public Entity Risk Pools—an interpretation of GASB Statements No. Effective date: None stated GASB published a new implementation guide that answers questions about recently issued GASB standards on accounting and financial reporting for fiduciary activities. 47 Statement 68 (Accounting and Financial Reporting for Pensions) paragraphs 26 to 31 Effective date: Simultaneously with Statement 33, for periods beginning after June 15, 2000 GASB Statement 74 and 75 reflect a fundamental overhaul in the standards for accounting and financial reporting for postemployment benefits other than pensions (OPEB) and replace GASB 43 and 45. Plans in which the sole or largest employer is a phase 3 government—with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2007. Effective date beginning after: June 15, 1996 Effective Date: The requirements of this Implementation Guide are effective for fiscal years beginning after June 15, 2021, and all reporting periods thereafter. We encourage all interested parties to review and provide feedback though the FASB Online Review and Comment System. Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements Effective Date: The requirements of this Implementation Guide are effective for reporting periods beginning after June 15, 2019. The requirements related to the measurement of liabilities (and assets, if any) associated with asset retirement obligations in a government acquisition are effective for government acquisitions occurring in reporting periods beginning after June 15, 2021. Familiarize yourself with the new GASB 87 guidance. The Use of Not-for-Profit Accounting and Financial Reporting Principles by Governmental Entities GASB 74 & 75 Notice for 2019 & 2020. Phase 3 governments—with total annual revenues of less than $10 million—should apply the requirements of this Statement in financial statements for periods beginning after June 15, 2003. We’ve actually put together a team here at Bonadio that can work with our clients and have started working with them toward identifying which leases are required to be implemented, how to value them, and even to the extent if they need us to go and gather these and compile them.”. Background . (Issued 5/90) Final standards Implementation guidance update. 40 Statement No. (Issued 11/08) Accounting for Taxpayer-Assessed Tax Revenues in Governmental Funds Effective date beginning after: June 15, 1992 The Government Accounting Standards Board approved Statements 67 and 68 on June 25, 2012. 2019 Fiscal Year 2019 GASB 74/75 Report ... reporting under Governmental Accounting Standards Board (GASB) Statement No. [Full Text]  [Status] This report describes CalPERS approach for crossover testing to fulfill Government Accounting Standards Board Statements 67 and 68 reporting requirements on discount rates for measurement date June 30, 2019 based on data from valuation date June 30, 2018. Basic Financial Statements—and Management's Discussion and Analysis—for State and Local Governments, Statement No. Effective Date: Except for the requirements in Questions 4.80, 4.144, and 4.151, the requirements of this Implementation Guide are effective for reporting periods beginning after December 15, 2016. This planning tool can help you start that discussion. (Issued 1/86) (Issued 04/19) The requirements of Questions 4.484 and 4.491 in circumstances in which OPEB is provided through an OPEB plan that is administered through a trust that meets the criteria in paragraph 4 of Statement 75 are effective for an employer or nonemployer contributing entity in the first reporting period in which the measurement date of the (collective) net OPEB liability is on or after June 15 ,2019. Adoption of new accounting standard—Add an emphasis -of-matter paragraph for consistency here if the County adopted a new GASB accounting standard during fiscal year 2019 and the implementation of the new standard had a material effect on the County’s financial statements/ disclosures (i.e., GASB Statement No. “GASB 95 extended, due to COVID-19, a lot of the different pronouncements. 2 “A lot of places have had difficulties with that, just not having the manpower, and on top of that with everything that’s going on with COVID, the resources are stretched thin. (Issued 11/92) (Issued 02/09) [Full Text]  [Summary]  [Status], Statement No. Implementation Guide No. Effective date: The requirements of this Statement are effective in three phases based on a government's total annual revenues in the first fiscal year ending after June 15, 1999: Earlier application of this Statement is encouraged. Here are five steps to take now toward implementing GASB 87. Governments that were phase 1 governments for the purpose of implementation of Statement 34—those with annual revenues of $100 million or more—are required to implement this Statement in financial statements for periods beginning after December 15, 2006. For OPEB, simultaneously with Statement 45. On May 2, 2019, the GASB issued Implementation Guide No. Rough waters: Tax pros' financial advice for the next six months, A dive into the stimulus package's tax provisions, New coronavirus stimulus package contains some big tax items, KPMG tax chief plans for disruptive year ahead, FASB proposes goodwill alternative for private cos., nonprofits, Intuit adds Quarium as authorized cloud hosting provider. 5 (Superseded) Topics addressed in the guide’s Q&As include: The provisions related to the frequency and timing of measurements are effective for actuarial valuations first used to report funded status information in OPEB plan financial statements for periods beginning after June 15, 2011. 2019-3, Leases, have been postponed by 18 months. [Full Text]  [Summary]  [Status], Statement No. Background . A flurry of new accounting standards has been issued in recent years, and 2019 and 2020 promise to be a time of heavy activity as your utility either evaluates a new standard’s impact or dives into the implementation process. Governmental Accounting Standards Board (GASB) Statements. “This really just changes their entity-wide, or GASB 34, statements, which are full accrual. Effective Date: The requirements of this Implementation Guide are effective for reporting periods beginning after June 15, 2020. [Full Text]  [Summary]  [Status], Technical Bulletin No. [Full Text]  [Status] 2019-3, Leases 3 Big Ways the New GASB Standards Affect Tribal Governments Mar 31, 2019 By: Lisa Desotelle, Denis Adams Over the last couple of years, the Government Accounting Standards Board (GASB) has imposed a series of accounting standards that significantly change the financial reports required of tribal entities and governments. Service Efforts and Accomplishments Reporting—an amendment of GASB Concepts Statement No. (Issued 12/84) The requirements related to intra-entity transfers of assets and those related to the applicability of Statements 73 and 74 are effective for fiscal years beginning after June 15, 2021. [Full Text]  [Summary]  [Status], Statement No. 73 (GASB73), GASB Statement No. 68 and No. (Issued 11/97) 78 (GASB78), GASB Statement No. Effective date beginning after: December 15, 1995 Recipient Reporting for Certain Shared Nonexchange Revenues—an amendment of GASB Statement No. New accounting standards issued by the Governmental Accounting Standards Board (GASB) could have a significant impact on public sector organizations. (Issued 11/03) 12 GASB Statements and Projects. Interpretation No. Determining the Annual Required Contribution Adjustment for Postemployment Benefits 75. 10 and 14 [Full Text]  [Summary]  [Status], Statement No. (Issued 11/89) GASB, Financial Accounting Standards Board. Elements of Financial Statements 88, Certain 83, Disclosures Related to Debt , including Direct Borrowings and Direct Placements ). 10, 11, and 13 [Full Text]  [Summary]  [Status], Statement No. Under GASB-88, tribal entities need to review how they disclose debt starting in December 2019. These GASB reports are for employers with fiscal years ending anytime between July 1, 2019, and June 30, 2020. Phase 1—Financial statements for periods beginning after June 15, 2001, for governments with total annual revenues of $100 million or more in the first fiscal year ending after June 15, 1999. Implementation Guide No. Ms. Smith will replace GASB member David Sundstrom, whose second term concludes on June 30, 2019. Statement No. Governments that were phase 3 governments for the purpose of implementation of Statement 34—those with total annual revenues of less than $10 million—are required to implement this Statement in financial statements for periods beginning after December 15, 2008. 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