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Governmental Accounting Standards Update: 8/31/20

Posted 12:45 PM by
The Government Accounting Standards Board (GASB) regularly issues GASB Statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP). Below are select statements that were recently issued.
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Governmental Accounting Standards Update: 8/31/20

Posted 12:45 PM by
The Government Accounting Standards Board (GASB) regularly issues GASB Statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP). Below are select statements that were recently issued.
link
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Standards Update 6/5/20

Posted 3:45 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
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Standards Update 5/20/20

Posted 12:15 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP).
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Governmental Accounting Standards Update: 5/12/20

Posted 3:00 PM by
The Governmental Accounting Standards Board (GASB) regularly issues GASB statements to set accounting and financial reporting standards for state and local governments that follow generally accepted accounting principles in the United States (U.S. GAAP).
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FASB Proposes Delay in Effective Dates for Leases and Revenue Recognition Standards for Certain Entities

Posted 7:11 PM by
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (Exposure Draft) that includes an optional one-year delay in the effective date for certain entities in applying the new lease and revenue recognition standards. The FASB provided the Exposure Draft in response to challenges associated with the implementation of major accounting standards, which have been amplified by disruptions caused by the COVID-19 pandemic.
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GASB Proposes to Postpone Effective Dates of Certain Pronouncements Due to COVID-19

Posted 9:22 PM by
On April 15, 2020, the Governmental Accounting Standards Board (GASB) proposed to postpone the effective dates of a significant number of the upcoming GASB statements and implementation guides, which were previously due to be implemented by state and local government units for fiscal years 2019 and later.
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Accounting Updates for Government Entities: GASB Statement No. 87, Leases

Posted 6:30 PM by
The Governmental Accounting Standards Board (GASB) has created a single approach to accounting for and reporting of leases with the issuance of GASB Statement No. 87, Leases (Statement 87). State and local governments should expect Statement 87 to have a significant impact on their financial statements.
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Proposed Accounting Standards Update - In-Kind Contribution Reporting

Posted 1:45 PM by
The Financial Accounting Standards Board (FASB) has issued the Proposed Accounting Standards Update Not-for-Profit Entities (Topic 958): Presentation and Disclosures by Not-for-Profit Entities for Contributed Nonfinancial Assets (Exposure Draft), which would impact the presentation and disclosure of contributed nonfinancial assets, also known as gifts-in-kind (in-kind donations), if the proposed changes are finalized.
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Standards Update: 12/17/19

Posted 7:40 PM by
The Financial Accounting Standards Board (FASB) regularly issues Accounting Standards Updates (ASUs) to make changes to the FASB Codification, the primary source of Accounting Principles Generally Accepted in the United States (GAAP). Below are select ASUs that were recently issued.
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