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The Audit Connection Blog

Results for: GASB


First page of new resource about identifying asset retirement obligations

Are you ready to identify your asset retirement obligations?

July 26, 2019

Local governments are beginning to implement GASB Statement No. 83 on asset retirement obligations, or ARO’s, which is effective for reporting periods beginning after June 15, 2018. To help local governments begin, the Center for Government Innovation has published a new resource to help you identify asset retirement obligations in Washington.

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Lease agreement being filled out.

Lease accounting changes are coming soon

January 24, 2019

The new accounting and reporting standard regarding leases – GASB 87 – will take effect for reporting periods beginning after December 15, 2019, and apply retroactively as if the standard was in place at the beginning of the implementation period. Early implementation is encouraged.

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Employer reporting requirements for other post-employment benefits (OPEB) have taken effect

January 11, 2019

Governmental Accounting Standards Board (GASB) Statement 75, Accounting and Reporting for OPEB is effective for the Reporting Year 2018 (this year!). OPEB, or post-employment benefits other than pension, includes benefits such as healthcare provided through a pension plan or separately (medical, dental, vision, hearing, etc.) and other benefits when provided separately from a pension plan, such as: life insurance, long-term care, disability, and more.

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Changes to fiduciary reporting take effect soon

August 14, 2018

Last fall, we posted an article strongly encouraging governments to start evaluating activities that might be classified as fiduciary activities under the Governmental Accounting Standards Board’s (GASB) recently issued Statement No. 84. The changes to fiduciary activity reporting are right around the corner – effective for reporting periods beginning after December 15, 2018 – and affect not only governments that report under generally accepted accounting principles, but those that report using the cash-basis accounting model as well.

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Keeping up with the GASB

August 31, 2017

Does it seem like there’s always some new accounting standard that needs to be implemented? That’s because there is! The Governmental Accounting Standards Board (GASB) issues an average of three new accounting standards a year.

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