Government Accounting Standards Board

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Government Accounting Standards Board

In the United States, a non-governmental body charged with establishing and maintaining generally accepted standards for professional accountants who work in state and local governments. Founded in 1984, the GASB has published a variety of rules and clarifications on how government accounting ought to be done in the United States. Its primary purpose is to govern the fundamentals of how accounting is conducted. For example, it has published guidelines on how to report a municipality's cash flows.
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GASB is a project of the non-profit Financial Accounting Foundation in Norwalk, Connecticut; its Generally Accepted Accounting Principles (GAAP) have the effective force of law in most states and credit rating agencies often insist upon them when rating public bonds.
The GASB has always been concerned that the costs of complying with financial reporting requirements for OPEB not discourage smaller employers from offering OPEB to their employees.
Under GASB 68, institutions will have to report a liability for the entire underfunded status of the plan.
The letter from the eight associations also states that even though GASB's proposed guidelines are for voluntary reporting, and therefore not required, that GASB's status as an authoritative standards-setting body makes any official action by GASB quasi-authoritative.
Now is the time to evaluate the impact of GASB Statement No.
Create a permanent funding mechanism for GASB (an area he'll work on with GASB Chairman Bob Attmore).
During Bob's tenure, the GASB has tackled such important - and difficult - accounting issues as pensions and other retirement benefits, derivatives, municipal bankruptcies, and fund balance reporting with professionalism and a regard for the concerns of every affected party.
CORRECTION TO STORY ON GASB PENSION IMPLEMENTATION DELAY
SEAs, or performance measurements, are tied directly to budgeting and political decision making and while the committee agreed that they are valid and necessary tools, GASB should not be the governing body that sets them.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities.
Allen was appointed by the Board of Trustees of the Financial Accounting Foundation, which is responsible for selecting the members, funding, and overseeing the GASB, the Financial Accounting Standards Board and their Advisory Councils.
The Financial Accounting Foundation (FAF), the oversight body of the Governmental Accounting Standards Board (GASB), is seeking interested stakeholders who would like to be considered to participate in a post-implementation review (PIR) survey of GASB StatementNo.