What Fun Awaits?

  The Governmental Accounting Standards Board (GASB) apparently never slows down!  The past several years have seen an explosion of activity that includes significant changes to governmental financial reporting – and there is MUCH more to come!  A future blog post will focus on the most recently approved pronouncement – GASB Statement No. 87, Leases, which provides guidance for lease contracts for nonfinancial assets, and is consistent with private-sector lease requirements recently approved by the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB). This blog post, however, is a quick peek into the current GASB agenda and the expected timelines for those projects. The following is a brief recap of the required implementation dates of recently passed pronouncements that will affect all North Carolina local governments (this list does not include certain pronouncements that have very limited or no effect on the majority of North Carolina local governments): FYE 6/30/17         GASB Statement No. 73, Accounting and Financial Reporting for Pensions and Related Assets That Are Not within the Scope of GASB Statement No. 68, and Amendments to Certain Provisions of GASB Statements 67 and 68 GASB Statement No. 74, Financial Reporting for Postemployment Pension Plans Other