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Topic: GASB

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	Finance Form for Public Institutions Using New GASB Standards
		This is intended to accommodate the phase-in schedule provided for in GASB Statements 34 and 35, requiring that all state and local government agencies implement the new accounting standards by fiscal year 2004.
		In response to GASB Statement 39 requiring the reporting of affiliated organizations as component units on the face of the financial statements, the institution is asked for a count of columns presented on its financial statements for affiliated organizations.
		The basic subtotals and totals required under the new GASB standards are to be reported, such as current and non-current assets, current and non-current liabilities, and net assets by class.
	nces.ed.gov /ipeds/web2000/GASB.asp (1025 words)

	GASB 34
		GASB 34 defines major funds as those with revenues, expenditures, assets or liabilities that make up at least 10 percent of the total for the fund category or type (governmental or business-type) and at least 5 percent of the aggregate amount of all governmental and enterprise funds.
		Under GASB 34, capital assets are not reported in the fund financial statements for governmental funds, but they are reported in the statements for proprietary and fiduciary funds.
		GASB 34 requires a balance sheet and a statement of revenues, expenditures and changes in fund balances that show each major fund in a separate column and the rest of the non- major funds in a single column.
	www.window.state.tx.us /lga/gasb34/ch05.htm (2900 words)

	GASB 34 IMPLEMENTATION FOR COMPONENT UNITS
		GASB 34 is applicable to state and local governments and to special-purpose governments (such as school districts).
		GASB Statement No. 14 (GASB 14) provides authoritative accounting guidance on this subject, and is applicable to primary governments, other stand-alone governments, and to the separately issued financial statements of governmental component units.
		GASB 34 requires component units to implement GASB 34 no later than the same year as their primary government, regardless of the amount of each component unit’s total revenues.
	www.state.nj.us /njded/finance/fp/gasb34/component_unit.shtml (457 words)

	GASB 34
		Among its many new provisions, GASB 34 requires that state and local governments begin to report on the value of their infrastructure assets including roads, bridges, water and sewer facilities, and dams.
		GASB has defined infrastructure assets to include "long-lived capital assets that normally are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.
		Under the depreciation method, GASB requires that historical cost depreciation be measured by allocating the net cost of depreciable assets over the estimated useful lives in a systematic and rational manner.
	www.sacomaine.org /departments/finance/gasb34.shtml (1374 words)

	FAS - Fixed Asset Management - GASB 34/35
		GASB 34, issued in June of 1999, represents a significant change to traditional government financial reporting standards.
		GASB 35 Statement provisions to public colleges and universities was achieved through the issuance of Statement No. 35, Basic financial Statements - and Management's Discussion and Analysis - for Public Colleges and Universities.
		Fixed asset requirements of GASB 34/35 requires that fixed asset records must be maintained by public entities in a complete, accurate and detailed manner, and that governments report all capital assets with the consideration of depreciation, including infrastructure assets and "historical treasures."
	www.infisoft.com /fas/gasb34.htm (316 words)

	GASB 34 - Governmental Accounting Standards Board Statement 34
		GASB establishes the standards of state and local governmental accounting and financial reporting.
		GASB standards are officially recognized as authoritative by the American Institute of Certified Public Accountants and by State law (NRS 353.3245).
		GASB 34 establishes new content for the basic financial statements - including a full accounting for all capital assets, including the government's infrastructure - and also provides for required supplementary information for general-purpose governments.
	www.nevadadot.com /about/GASB34 (196 words)

	Hamilton County FMR GASB 34
		GASB 34 requires new information that will give decision-makers the "big picture." Comprehensive annual financial reports (CAFRs) are typically used to present detailed information on each fund the government uses.
		While GASB has no enforcement authority, it is a good practice for governments to follow GASB-approved standards in accounting for financial transactions and for reporting financial conditions.
		GASB 34 requirements become effective in three phases, based on a government's total annual revenues in the first fiscal year ending after June 15, 1999.
	www.window.state.tx.us /lga/fmr/hamiltonco/ch01.htm (1159 words)

	AHP: New and Emerging GASB Issues
		GASB issued this Technical Bulletin to clarify the requirements of GASB Statements 27 and 45 for employers’ contractually required contributions to cost-sharing pension and other postemployment benefit (OPEB) plans.
		The Technical Bulletin clarifies that a cost-sharing employer should recognize the contractually required contributions assessed for the employer’s financial reporting period as expenditures of that period, and should recognize any unpaid contributions assessed for that period as liabilities in governmental fund financial statements prepared on the modified accrual basis of accounting.
		GASB Board deliberations are scheduled to begin in the first quarter of 2005.
	www.ahpplc.com /Reference/reference_GASB_issues.htm (1600 words)

	Auditor of Public Accounts, Richmond, Virginia - GASB 34 - Higher Education - QA - Index by letter
		GASB 34 paragraph 8 states that the MD&A is RSI and precedes the financial statements.
		We believe that certainly as it pertains to the deferral of the difference between the reacquisition price and the net carrying amount of the old debt should not be recomputed and added back to the financial statements in that this transaction has been completely accounted for in previous periods.
		GASB 23 states in paragraph 7 that retroactive application is not required.
	www.apa.state.va.us /gasb34/he_34_q_and_a.asp?T1=ReportingModel (796 words)

	Executive summary of GASB pronouncements. (Governmental Accounting Standards Board)
		The Governmental Accounting Standards Board (GASB) has issued 13 statements, a concept statement, and a codification of accounting standards for government since it was created in 1984.
		GASB 2, "Financial Reporting of Deferred Compensation Plans Under the Provision of Internal Revenue Code Section 457" (1986).
		GASB 8, "Applicability of FASB Statement No. 93, 'Recognition of Depreciation by Not-for-Profit Organizations,' to Certain State and Local Governmental Entities" (1988).
	www.luca.com /cpajournal/old/10755284.htm (1218 words)

	GASB 34 New Financial Reporting Requirements - Government Accounting Standards (CA Dept of Education) (Site not responding. Last check: 2007-10-24)
		GASB Statement 34 has vast implications for LEAs, including the addition of government-wide full accrual reporting and new budgetary comparisons.
		We will be further reviewing and analyzing GASB Statement 34 to determine the changes that must be made to our financial reporting software, such as creating new account codes and schedules to convert fund-based information to government-wide information.
		Both the GASB phone number and addresses may be obtained from the GASB Web site at www.gasb.org.
	www.cde.ca.gov /fg/ac/as/gasb111599ltr.asp (1168 words)

	GASB Statement 34 - June 2000 Accounting Release
		The objective of the project was to provide a financial reporting model that provides users of financial statements with information which will enhance their understanding of governmental operations and ultimately result in an increased accountability by the governmental units.
		GASB Statement 34 will be effective in three phases depending on the government’s total revenues.
		Consequently, while we encourage all local governments to implement the provisions of GASB Statement 34, full implementation will not be required to meet the requirements of General Municipal Law.
	www.osc.state.ny.us /localgov/pubs/releases/gasb34a.htm (392 words)

	GASB 34: Problems and Solutions During Implementation
		GASB 34 is generally accepted accounting principle, therefore, a cash basis financial report would be required to be presented in the format of GASB 34 and to include all disclosures required by generally accepted accounting principles.
		If a school district follows the GASB 34 format they would still be required to prepare and submit an AFR (similar to current format) with an auditor opinion on the regulatory basis of accounting.
		An adverse opinion states the “…financial statements are not presented in accordance with generally accepted accounting principles…” The impact on an entity with an adverse opinion on the financial statements could mean a lower credit rating and negative publicity.
	www.su-inc.com /gasb34.htm (1391 words)

	GASB 34 Info from Public Property Software (Site not responding. Last check: 2007-10-24)
		GASB 34 is an accounting standard issued by the Government Accounting Standards Board.
		It sets standards for the financial statements issued by all state and local government entities in the U.S. The standard sets accounting rules for these financial statements and for the accounting data the financial statements contain.
		GASB 34 requires that the cost of fixed assets, i.e.
	www.publicpropertysoftware.com /gasb34.html (158 words)

	GASB Printer-Friendly Outline Version (Site not responding. Last check: 2007-10-24)
		GASB issued GASB 45 entitled "Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions" in June, 2004.
		The purpose of GASB 43 is to require the accrual of liabilities of other postemployment benefits (OPEB) generally over the working career of plan members rather than on a pay-as-you-go basis which is the current practice for most government sponsored plans.
		The purpose of GASB 45 is to require the accrual of the OPEB expense over the same period of time.
	www.hoguejr.com /slideoutline.html (2652 words)

	Clarifying GASB Statement No. 34
		GASB Statement No. 34 established new requirements for U.S. state and local governments that prepare their financial reports in conformity with generally accepted accounting principles (GAAP).
		The GASB 34 Guide is effective for audits of a state or local government's financial statements for the first fiscal period ending after June 15, 2003, in which the government applies or is required to apply GASB Statements No. 34 or No. 35.
		The GASB 34 Guide directs auditors to make separate materiality determinations for purposes of planning, performing, evaluating the results of, and reporting on the audit of a government's basic financial statements for each opinion unit.
	www.aicpa.org /pubs/tpcpa/oct2002/clarifying.htm (969 words)

	How to Implement GASB Statement No. 34
		It recounts Alexandria’s experience and discusses possible concerns from the viewpoint of the state of Alaska—which expects to implement the standard in 2002—and of an Oklahoma City CPA firm that audits the financial statements of state and local governments and is assisting a number of them in preparing their financial reports under Statement no. 34.
		GASB Statement no. 33, Accounting and Financial Reporting for Nonexchange Transactions, provides guidance on revenue recognition—on both the accrual and modified accrual bases—for most taxes, grants and private donations.
		Their worst problem was dealing with issues related to GASB Statement no. 33 late in the process and underestimating the time needed to meet the required note disclosures.
	www.aicpa.org /pubs/jofa/nov2001/chase.htm (2586 words)

	Differences between old FASB and new GASB
		New GASB is the format that phases in for public institutions, over a three-year period beginning in fiscal year 2002, as a result of the changes in accounting standards adopted by the Governmental Accounting Standards Board.
		Additions to permanent endowments appear as a revenue source in the New GASB form, but do not appear separately in the FASB, where they are included in private gifts, grants and contracts or contributions from affiliated entities, depending on the source.
		All New GASB reporters treat Pell grants as federal revenue and include them as discounts and allowances (if used to pay for tuition and fees or other institutional charges) or as net grant aid to students (if paid to the student to offset other expenses).
	nces.ed.gov /ipeds/web2000/gasbfasb.asp (1624 words)

	NACUBO \| GASB Answers FAQs on Accounting for Other Postemployment Benefits Project
		GASB plans to issues an exposure draft this month for public comment, with public hearings planned in the latter half of 2002.
		The GASB has tentatively concluded that employers should be required to report their OPEB expense and net OPEB obligation (or asset), as well as trend information about funding efforts and the progress being made in funding benefits, in the same manner that they currently report pension expense under generally accepted accounting principles (GASB 27).
		Similarly, the GASB also has tentatively concluded that governmental OPEB plans should be reported in the same manner that pension plans are reported (GASB 25).
	www.nacubo.org /x1905.xml?ss=pf (707 words)

	ASBO News (Site not responding. Last check: 2007-10-24)
		While differences exist between OPEBs and pensions, such as differences in the types of benefits and in financing and reporting practices, the GASB tentatively concluded that postemployment healthcare benefits are conceptually similar to pensions and that both should use the same type of reporting approach.
		The GASB plans to issue Exposure Drafts in March 2002 for public comment with public hearings planned in the latter half of 2002.
		The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments.
	www.asbointl.org /member/MembersOnly/newsletter/index.asp?bid=763 (685 words)

	Clifton Gunderson LLP - Industries - Government - GASB 34 Resources
		While no government is required to follow GASB standards, if officials want to follow generally accepted accounting principles, they need to make plans to implement the new reporting model.
		GASB has issued various implementation materials and other organizations, such as the Government Finance Officers Association, have issued guidance as well.
		This is the second in a series of articles designed to keep you informed about the requirements of GASB 34 and the help that is available to your government to guide you through the implementation process.
	www.cliftoncpa.com /Industries/GovGASB2.asp (1855 words)

	GREAT GASB! Financial Reporting for State & Local Governments
		While the model was issued by GASB in June 1999, those governments first required to start using the model have until the fiscal year beginning July 1, 2001.
		GASB’s mission is to determine generally accepted accounting principles for state and local governments.
		GASB has been working on the project that led to GASB 34 for more than 15 years.
	www.afscme.org /wrkplace/cbr101_2.htm (1117 words)

	Implementation Of Governmental Accounting Standards Board Statement No. 34 (GASB 34) (Site not responding. Last check: 2007-10-24)
		Budget Comparison: GASB 34 requires districts to include the original budget certified for taxes in the financial reports comparing the final budget to actual revenues and expenditures.
		District staff should review the GASB Statement 34 and related publications and guides, which may be obtained directly from GASB through the web site www.gasb.org.
		Since the focus of the GASB Statement 34 is on financial reporting requirements, the department anticipates that the effects on daily business operations in school districts will be minimal.
	www.state.nj.us /njded/finance/fp/gasb34/gasb34.shtml (1766 words)

	GASB - GASB 34 Questions and Answers
		GASB 35 is an amendment of GASB Statement No. 34 (Basic Financial Statements-and Management's Discussion and Analysis-for Public Colleges and Universities).
		Simply stated, it means that GASB 34 also applies to public colleges and universities.
		GASB 34 requires that fixed asset records must be maintained by public entities in a complete, accurate and detailed manner and that governments report all capital assets with the consideration of depreciation, including infrastructure assets and "historical treasures."
	www.imsolutions.net /GASB_34_Q_AND_A.htm (556 words)

	GASB 16 on compensated absences issued; GASB 11 delayed. \| Banking, Finance and Accounting Industries (Site not responding. Last check: 2007-10-24)
		The GASB said an indefinite delay at this time would allow the board to reexamine the financial reporting model before final decisions are made on implementing the statement.
		Finally, the GASB released research report GR-18, The Relationships Between Financial Reporting and the Measurement of Financial Condition, describing how financial reporting can be used to present information on a government's financial condition.
		"GASB 16 on compensated absences issued; GASB 11 delayed." is an article from the Banking, Finance and Accounting Industries category.
	www.allbusiness.com /periodicals/article/353599-1.html (746 words)

	GASB Information
		Following are answers to questions employees may have about the impact of GASB on retirement benefits and the District.
		Information was given to the Board that the teacher’s association was unwilling to fund the additional cost of Plans A or B except as part of the negotiations process.
		GASB is the formal body that makes accounting standards (called Generally Accepted Accounting Principles or GAAP) and the District is required to follow those standards (as verified through the annual financial audit).
	www.jordandistrict.org /general/gasb (5494 words)

	Mellon and Russell/Mellon Introduce GASB 40 Reports
		The new rules, issued by the Government Accounting Standards Board (GASB), update risk disclosure regulations for all state and local government entities, effective with financial statements for periods beginning June 15, 2004.
		GASB 40 addresses the deposit and investment risk disclosures of public fund assets, dividing risk into four major categories: credit, concentration of credit, interest rate and foreign currency.
		To assist in meeting GASB 40 requirements, Mellon and Russell/Mellon have created four new specialized reports available through Mellon's Workbench reporting tool: Foreign Currency Risk Exposure, Credit Risk Concentration, Interest Rate Risk and Credit Risk by Quality.
	www.prnewswire.com /cgi-bin/stories.pl?ACCT=104&STORY=/www/story/06-13-2005/0003867934&EDATE= (513 words)

	Bassets Fixed Asset Software compliant - GASB 34 compliant
		With the implementation of GASB 34, state and local governments throughout the United States are required to meet new financial reporting requirements.
		The Governmental Accounting Standards Board (GASB) issued Statement 34, “Basis Financial Statements – and Management’s Discussion and Analysis – for State and Local Governments” in June 1999.
		The GASB Statement 34 establishes new financial reporting requirements for state and local governments throughout the United States.
	www.bassets.net /government.asp (270 words)

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