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August 10, 2020

GASB Exposure Draft Tackles the Financial Reporting Model →

A final proposal culminating GASB’s seven-year reexamination of its landmark Statement No. 34 has been released. The most significant changes for public institutions are new MD&A requirements and an income (or loss) indicator after appropriations.

July 24, 2020

GASB Seeks Revenue and Expense Field Testers →

Public institutions are able to participate in a field test of the proposed standards in the recently released Preliminary Views, Revenue and Expense Recognition. This is an opportunity to work closely with GASB staff and influence final guidance.

July 17, 2020

GASB Preliminary Views Addresses Revenue and Expense Recognition →

GASB has tackled one of its most significant projects by releasing a Preliminary Views document on revenue and expense recognition, a major step toward what could be a significant change in the way governmental entities categorize, measure, and recognize revenue and expenses.

June 26, 2020

NACUBO Pushes Back on GASB’s Coronavirus Accounting Proposal →

In a letter to the Governmental Accounting Standards Board, NACUBO supported GASB’s accounting interpretation of CARES Act relief funds but disagreed with its assertion that a global pandemic is neither an unusual nor infrequent occurrence for financial reporting.

June 22, 2020

ED Issues Additional Guidance on CARES Act, R2T4 →

The Department of Education recently published two guidance documents: one addressing questions related to funds provided under the CARES Act, and the other announcing regulatory flexibility with regard to Return to Title IV funds during the COVID-19 pandemic.

June 12, 2020

GASB Proposal Addresses CARES Act and Coronavirus-Related Questions →

The Governmental Accounting Standards Board is accepting comments for two weeks on a proposal that addresses accounting and reporting questions that have surfaced as a result of the pandemic and subsequent legislative relief. Final guidance expected by June 30 would take effect immediately.