GASB Releases Statement No. 85
Originally published on March 22, 2017
Updated on October 31st, 2023
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.
All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.
Other Posts You Might Like