Last edited by Vigore
Friday, July 24, 2020 | History

4 edition of A study of the usefulness of disclosures required by GASB standards found in the catalog.

A study of the usefulness of disclosures required by GASB standards

Leon Edwards Hay

A study of the usefulness of disclosures required by GASB standards

by Leon Edwards Hay

  • 8 Want to read
  • 12 Currently reading

Published by Governmental Accounting Standards Board of the Financial Accounting Foundation in Norwalk, Conn .
Written in English

    Places:
  • United States,
  • States.,
  • United States.
    • Subjects:
    • Finance, Public -- Accounting -- Standards -- United States -- States.,
    • Local finance -- Accounting -- Standards -- United States.,
    • Disclosure in accounting -- Standards -- United States.

    • Edition Notes

      Bibliography: p. 181-183.

      StatementLeon E. Hay.
      SeriesResearch report, Research report (Financial Accounting Foundation. Governmental Accounting Standards Board)
      Classifications
      LC ClassificationsHJ9816 .H39 1988
      The Physical Object
      Paginationviii, 183 p. ;
      Number of Pages183
      ID Numbers
      Open LibraryOL2069356M
      ISBN 100910065276
      LC Control Number88082099
      OCLC/WorldCa18814775

      GASB 67 & 68 were released in June of with an effective date for fiscal years beginning after J GASB 74 & 75 were released in June of with an effective date for fiscal years beginning after J GASB 67 & 74 are focused towards the plan administrator while GASB 68 & 75 are focused on the employer. GASB standards require certain disclosures about capital assets in the notes to the financial statements: what are the disclosures? What qualifies an asset as a general capital asset? If an asset is classified as a general capital asset how must in be reported in the financial statements?

      Capital asset disclosures required by the GASB include descriptions of policies for capitalizing assets and for estimating the useful lives of depreciable assets. In addition, the disclosures should include: (1) beginning-of-year and end-of-year balances showing accumulated depreciation separate from historical cost, (2) capital acquisitions during the year, (3) sales or other dispositions. - This nine member standards setting body recommends federal governmental accounting and financial reporting standards to the U.S. Accountability - GASB Concepts Statement No. 1, "Objectives of Financial Reporting," states that "Accountability is the cornerstone of all financial reporting in government.

      When it comes to the disclosure requirements of G an entity’s investment in LAIF is considered to be a single investment. For GASB 40 purposes, the investment in LAIF is not considered to be an indirect holding of the various investment types in the LAIF pool to which the disclosure requirements of GASB 40 must be applied individually. Maze Live – GASB 74 and Preparing for Implementation, Disclosure and the Audit We will go over the Plan and Employer responsibilities under each Statement as well as the changes to the required disclosures and RSI. We will also provide a sample journal entry for the first year of implementation. Handouts. Municipal.


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A study of the usefulness of disclosures required by GASB standards by Leon Edwards Hay Download PDF EPUB FB2

In Junethe GASB established new guidance that establishes a single approach to accounting for and reporting leases by state and local governments.

The approach is based on the principle that leases are financings of the right to use an underlying asset.

Note: Citations are based on reference standards. However, formatting rules can vary widely between applications and fields of interest or study.

The specific requirements or preferences of your reviewing publisher, classroom teacher, institution or organization should be applied.

A study of the usefulness of disclosures required by GASB standards (Research report) [Hay, Leon Edwards] on *FREE* shipping on qualifying offers.

A study of the usefulness of disclosures required by GASB standards (Research report)Author: Leon Edwards Hay. GASB Statement No. 87, Leases By clicking on the ACCEPT button, you confirm that you have read and understand the GASB Website Terms and Conditions. Do you accept the terms. The GASB Outlook is a quarterly e-newsletter designed to keep stakeholders informed about key GASB projects and activities.

It presents current accounting and financial reporting issues in a “plain-English” user-friendly format designed to provide quick access to stories of interest to the busy professional.

The disclosures required by this Statement are intended to provide information needed to assess (a) funding status of a PERS on a going-concern basis, (b) progress made in accumulating sufficient assets to pay benefits when due, and (c) whether employers are making actuarially determined contributions.

GASB 87 vs. the current GASB guidance: Key differences. The key differentiator between GASB 87 and the current GASB guidance, including G relates to lease classification and further, recognition in the financial the current standard, organizations do not reflect operating lease agreements within the Statement of Financial Position.

The GFOA Materials Library provides current information in various topical areas. These resources include best practices, sample documents, GFOA products, and services, and links to web data sources and to related organizations.

GFOA has published Governmental Accounting, Auditing, and Financial Reporting (GAAFR or “Blue Book”) for the past 85 years with hundreds of thousands of copies sold.

This edition has been updated to incorporate all of the guidance of the GASB through GASB Statement No. 91, as well as GFOA’s current best practices on accounting, auditing.

The Ks and Qs filed by U.S. publicly-traded companies seem to be getting thicker every year. A Ernst and Young study 1 found that disclosures have quadrupled in the past 20 years. If the rate of increase continues, the report said, organizations by will devote more than pages in their annual reports to footnotes and Management’s Discussion and Analysis.

Accounting Principles (GAAP) as prescribed by the Governmental Accounting Standards Board (GASB). Guidance for specific account structure (e.g., account numbers, names, etc.) is left to the discretion of the individual local government as long as the statutory reporting requirements (e.g., Financial Transactions.

GASB STATEMENT REQUIRES GOVERNMENTS TO DISCLOSE INFORMATION ON TAX ABATEMENTS Norwalk, CT, Aug —The Governmental Accounting Standards Board (GASB) has issued final guidance that requires state and local governments for the first time to disclose information about tax abatement agreements.

The disclosure requirements in GASB Statement No. 77, Tax Abatement Disclosures. GASB No. 68 Sample Reporting Guidelines. Attached are DRAFT reporting guidelines for Governmental Accounting Standards (GASB) Statement No.

68, Accounting and Financial Reporting for Pensions, as amended by GASB No. 71, Pension Transitions for Contributions Made. The Governmental Accounting Standards Board issued GASB Statement No.

88 (the "Statement") in March The Statement requires increased disclosure in notes to financial statements of all state. 67, No. 68, and No.

73 as well as the GASB Implementation Guide Update Most of the questions addressed in this checklist refer to specific authoritative literature and may use the following acronyms: GASB—Governmental Accounting Standards Board Statement.

Guide to Implementation of GASB Statement 40 on Deposit and Investment Risk Disclosures: Questions and Answers (GQA40) For information on prices and discount rates, please contact: Order Department Governmental Accounting Standards Board Merritt 7 P.O.

Box Norwalk, CT Please ask for our Product Code No. GQA Following FASB's issuance of Accounting Standards Update (ASU) No. Leases (Topic ), inGASB issued Statement No.

87, Leases, in Juneto become effective for reporting periods beginning after Dec. 15, In the United States, lease accounting standards have historically been in alignment for governmental entities and nongovernmental entities.

The Governmental Accounting Standards Board (GASB) released Statement No. 88, “Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements” on April 2.

The new standard addresses note disclosures based on liability type. Additionally, the following new information about will need to be disclosed. COURSE DESCRIPTION. Understanding and applying the concepts presented in GASB 75 to 88 one must first become familiar with it.

During this course, we will discuss the main objectives of GASB No. 75 post-employment benefits other than pensions (OPEB) and the standards to which it establishes. Government Accounting Standards Board (GASB) was created and began issuing standards affecting governmental not-for-profits.

Some, like GASB Statement (GASBS) No. 8 () on depreciation were a reaction to a standard issued by the FASB. GASBS No. 35 (b) was a landmark event in terms of higher education reporting.

The Governmental Accounting Standards Board’s Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements (GASB 88).

GASB was effective for reporting periods beginning after J For many governments, the release of GASB may streamline debt disclosure. GASB Seeks Revenue and Expense Field Testers. Public institutions are able to participate in a field test of the proposed standards in the recently released Preliminary Views, Revenue and Expense Recognition.

This is an opportunity to work closely with GASB .The GASB itself is not a government agency; therefore, it has no enforcement authority, as the standards it sets are not federal laws. Compliance and standards are basically enforced through the audit process.

Standards set by the GASB aid government officials in showing accountability as it applies to the use of public resources.