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GASB Releases Statement No. 85
Originally published on March 22, 2017
Updated on February 5th, 2024
On Monday, March 20, the Governmental Accounting Standards Board (GASB) issued its latest statement to address several accounting and financial reporting issues. Statement No. 85 covers topics related to blending component units, reporting amounts as goodwill and “negative” goodwill, recognizing on-behalf payments for pensions and employer-paid member contribution classification.
The entirety of Statement No. 85 can be seen here. While the statement takes effect for reporting periods beginning after June 15, 2017, earlier adoption of the new standards is encouraged.
Contact your CPA with questions regarding how this applies to your organization.
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