Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

2016 Maze Live GASB Update

50 views

Published on

Are you wondering what is down the pike for GASB implementation? In this session we will cover the new GASB pronouncements for the upcoming years, including those addressing tax abatement disclosures and retiree healthcare benefits. Presenter David Alvey, CPA Audit Partner

Published in: Government & Nonprofit
  • Be the first to comment

  • Be the first to like this

2016 Maze Live GASB Update

  1. 1. 1
  2. 2. 2
  3. 3. 3
  4. 4. 4  GASB 72 – Fair Value Measurement (separate class)  GASB 76 – Hierarchy of GAAP  GASB 79 – Certain Investment Pools and Participants  GASB 74 – OPEB – Plan Only  GASB 77 – Tax Abatement Disclosure  GASB 78 – Certain Multiple-Employers Pension Plans  GASB 79 – Certain Investment Pools and Participants  GASB 80 – Blending Requirements  GASB 75 – OPEB  GASB 81 – Irrevocable Split-Interest Agreements  GASB 82 – Pension Issues
  5. 5. 5  Cannot use the long-term rate as there are no assets to pay benefits
  6. 6. 6  Statement that no assets are in trust  Information about investment-related factors that affect trends should be limited to those factors over which the plan has influence (for example, change in investment policies)  Information about external, economic factors should not be presented (for example, changes in market prices)
  7. 7. 7 1. GASB Statements 2. GASB Interpretations currently issued and in effect 1. GASB Technical Bulletins 2. GASB Implementation Guides 3. Literature of the AICPA that has been specifically cleared by GASB (e.g. AICPA Audit and Accounting Guides)
  8. 8. 8 1. Consider non-authoritative accounting literature from other sources that does not conflict or contradict and authoritative GAAP. Sources of these items:
  9. 9. 9  Not a State or Local Government Pension Plan  Provide benefits to both Government and Non Government employees  No identifiable predominate Government employer
  10. 10. 10  GASB 43-Financial Reporting for Postemployment Benefit Plans Other than Pension Plans and Statement  GASB 57-OPEB Measurements by Agent Employers
  11. 11. 11
  12. 12. 12
  13. 13. 13
  14. 14. 14
  15. 15. 15
  16. 16. 16
  17. 17. 17 promise to forgo tax specific action
  18. 18. 18 • Distinguish between government’s OWN agreements and agreements by OTHER GOVERNMENTS that affect the reporting entity • Can be individually disclosed or aggregated • Organized by abatement type or program (e.g. income tax vs. property tax incentive) • Disclosures required from the date of agreement and should continue through the abatement expiration date. Effective date: years ending June 30, 2017
  19. 19. 19 Description of Disclosure Government's Own Imposed by other Government Name of program  Purpose of program  Name of government  Type of tax being abated   Dollar amount of taxes abated   Authority of abate taxes  Eligibility criteria  Abatement mechanism  Recapture clause, if any  Type of recipient commitments  Any received/receivable from other governments   Other commitments by government  Quantitative threshold for individual disclosure  
  20. 20. 20 aturity • Diversification • Shadow pricing
  21. 21. 21  Diversification  No more than 5% of portfolio in one issuer  Excludes US Treasury, certain Agency Securities and CDs  Includes securities underlying repurchase agreements
  22. 22. 22
  23. 23. 23 Effective date: years ending June 30, 2016 or June 30, 2017 (certain exceptions for pools regarding portfolio quality, custodial credit risk and shadow pricing)
  24. 24. 24 Effective date: years ending June 30, 2017
  25. 25. 25
  26. 26. 26
  27. 27. 27
  28. 28. 28
  29. 29. 29 http://www.gasb.org
  30. 30. 30
  31. 31. 31

×