GASB 89 – Interest Cost in Construction
The Governmental Accounting Standards Board (GASB) has released new guidance that sets requirements for interest cost incurred before the end of a construction period. GASB Statement No. 89, announced on [...]
New GASB Debt Disclosure Requirements Begin June 15!
State and local governments will now be required to include in their financial statement notes additional information regarding debt held, following the issuance of a new standard from the Governmental [...]
GASB Statement No. 87 Addresses Single Approach for Reporting Leases
The Governmental Accounting Standards Board (GASB) has detailed new guidance that establishes a single approach to accounting for and reporting leases by state and local governments. The goal is to [...]
Procurement Standards Changes: What You Need to Know
In December of 2013, the United States Office of Management and Budget (OMB) issued comprehensive grant reform rules titled “Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards” [...]
GASB Statement No. 86: In-Substance Defeasance of Debt
The Governmental Accounting Standards Board (GASB) has detailed new guidance for in-substance defeasance of debt. Statement No. 86, released on May 17, establishes that debt be considered defeased in substance [...]
GASB Releases Implementation Guides to Clarify Requirements
The Governmental Accounting Standards Board (GASB) recently released two Implementation Guides designed to answer questions and explain further certain GASB statements. Implementation Guidance Update No. 2017-1, released on April 28, [...]