gasb standards

GASB Preliminary Views on Leases and Fiduciary Responsibility

In November 2014, GASB released preliminary views for public comment for changes for state and local governments in financial reporting of leases and activities with fiduciary responsibilities.

For leases longer than 12 months, GASB proposes changes for governments as lessee or as lessor.

For governments acting as fiduciary, GASB seeks to enhance consistency and comparability of financial reporting.

For more information, please read the attached article, or contact Eric Van Dop at (231) 726-5855 or evandop@brickleydelong.com.

GASB Pension Changes are Here!

Organizations using financial statements consistent with GASB standards will need to address the new financial reporting standards for defined benefit pension plans. These requirements apply to both organizations that sponsor their own pension plans and those that participate in such plans.

GASB Statement No. 68 requires reporting of the total pension liability as well as the fair value of plan assets available to pay plan benefits.

For more information on the new defined benefit pension plan financial reporting requirements, please visit this article from the Journal of Accountancy, or contact Eric Van Dop at (231) 726-5855 or evandop@brickleydelong.com.