Government

© shironosov/iStock/Getty Images Plus Governmental Accounting Standards Board (GASB) Statement 87 was set to transform lease accounting standards for government entities when it was initially scheduled to go into effect. But since the pandemic put significant strain on government operations at all levels, the board postponed the effective date by 18 months, until fiscal years
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GASB Chairman Joel Black said he brings to his new job “something maybe a little bit different than previous chairs have had” in that he has audited very small governmental units.Governmental Accounting Standards Board The new chairman of the Governmental Accounting Standards Board has soothed concerns about his background among public finance groups by following
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The pandemic presents an opportunity for governments to consolidate their finances by looking at assets and liabilities. Accrual accounting could help governments as they plan for economic recovery after COVID-19. This could contribute to economic growth, generate cash flows for the public budget, and lower net operating costs. One effect of the COVID-19 lockdowns this
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Given the current pandemic and corresponding economic crisis, the question of what role cash plays in this new global paradigm is a conundrum that has government accountants scratching their heads.  The relevance of this conversation can’t be ignored as governments try to better understand their financial positions and determine whether to pursue accrual-based accounting or
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The International Public Sector Accounting Standards Board has deferred the effective dates of several of its upcoming standards and amendments to give government accountants around the world an extra year to implement them during the COVID-19 pandemic. On Friday, the IPSASB released a final pronouncement, COVID-19: Deferral of Effective Dates, postponing the effective dates of
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The International Public Sector Accounting Standards Board (IPSASB) has revealed four proposals to improve various aspects of global government accounting. The exposure drafts (EDs) aim to address conceptual challenges and practical implementation issues by the public sector community by introducing a number of principles. These include proposing straight-forward measurement principles in the form of a
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The International Public Sector Accounting Standards Board released four proposals Thursday for improving various aspects of government accounting around the world. The exposure draft documents deal with changes in the measurement of assets and liabilities in financial statements; measurement; property, plant and equipment; and non-current assets held for sale and discontinued operations. The IPSASB, which
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The Governmental Accounting Standards Board posted a set of questions and answers Thursday with the goal of clarifying, explaining and elaborating on how to implement and apply some of its recent pronouncements for state and local government accounting. Implementation Guide 2020-1, Implementation Guidance Update—2020, answers questions about the application of GASB standards on various topics,
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In Brief The need for accounting standards for government entities has been long recognized, but the road to establishing the right body to set such standards was not a smooth one. Success was finally achieved 35 years ago with the creation of the Government Accounting Standards Board (GASB). The author examines the standards-setting landscape in
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