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GASB (Governmental Accounting Standards Board)| Accounting

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Government Accounting Standard Board (GASB) is the independent and non-political organization that is Definition of GASBestablished to improve and create accounting and reporting related standards or Generally Accounting Accepted Principles (GAAP) for local and state government of the United States. Copy the link given below and paste it in new browser window to get more information on GASB (Governmental Accounting Standards Board):- www.transtutors.com/homework-help/accounting/gasb.aspx

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GASB (Governmental Accounting Standards Board)| Accounting

  1. 1. GASB STATEMENTS The GASB issues Governmental Accounting Standards Board Statements (GASB Statements) to get GAAP for state and local governments in the United States of America. These statements are most authentic source for governmental GAAP Important statements are:- • Statement no. 34 • Statement no. 68 • Statement no. 45 • Statement no. 54 • Statement no. 62
  2. 2. FEDERAL ACCOUNTING STANDARDS ADVISORY BOARD (FASAB) • The Federal Accounting Standards Advisory Board (FASAB) is a federal advisory committee in a United States whose basic objective is to develop accounting standards for the U.S. government agencies • The main aim of the FASAB is to improve government accountability by issuing federal financial accounting and reporting standards • The FASAB committee consists of total nine members. Out of which three are federal representatives and six are public non-federal members.
  3. 3. COMPARISON G A S B 1. The governmental accounting standard board is responsible to set the accounting standards and principles for the state and local governments of the U.S. 2. The scope of the GASB is the government 3. It provides accurate and reliable information to the public in general. FA S B 1. The financial accounting standards board aims to improve the existing corporate practices followed by the non-governmental organization and companies by establishing standards and guidelines in the U.S. 2. The scope of the FASB includes public companies in the United States. 3. It provides reliable and accurate information to the shareholders or investors of the public companies.
  4. 4. STATEMENT 34 – BASIC FINANCIAL STATEMENTS AND MANAGEMENT’S DISCUSSION AND ANALYSIS FOR STATE AND LOCAL GOVERNMENTS New information has been created and rebuild the past information presented by the government Designed to help inform the general public as to how well the government maintains infrastructure assets using preventive maintenance verses replacement Acknowledge the importance of information that governments already include in their annual reports In order to make annual reports more comprehensive and easier to understand, new requirements has been developed OBJECTIVES OF STATEMENT NO. 34
  5. 5. NEED OF STATEMENT NO. 45 • Budgetary comparison schedules should be presented as RSI along with the other significant data required by the GASB pronouncements. Government needs RSI to use the modified approach for reporting the infrastructure assets • MD&A helps in the introduction of the basic financial statements and provides proper analysis of the overall financial activities of the government. it is mandatory for the government to present MD&A before the basic financial statements • Fund financial statements consists of the series of various statements that emphasis on the information about the government's major governmental and enterprise funds
  6. 6. STATEMENT NO. 68 – ACCOUNTING AND FINANCIAL REPORTING FOR PENSIONS • The statement no. 68, Accounting and Financial Reporting for Pensions revises and establishes new financial reporting requirements for local and state governments that provide their employees with pension benefits. • The statement no. 27, Accounting for Pensions by State and Local Governmental Employers and statement no. 50, Pension and Disclosures are being replaced by the statement no. 68
  7. 7. NEED OF THE STATEMENT More vigorous disclosures of assumptions will help in better assessments of reasonable of pension measurement To improve transparency, explanations of how and why the net pension liability changed from year to year should be answered Only one choice should be given to attribute the actuarial present value of projected benefit payments rather than allowing them to choose between the six methods with additional variations
  8. 8. STATEMENT NO. 45 – ACCOUNTING AND FINANCIAL REPORTING BY EMPLOYERS FOR POSTEMPLOYMENT BENEFITS OTHER THAN PENSION • It states that local and state governmental employers should provide other postemployment benefits (OPEB) as a part of the total compensation offered to attract and retain the services of qualified employees. • The basic prospective of the implementation of the OPEB is that employers in the beginning of the initial year set the beginning net OPEB obligation at zero. • This statement encourages the public sector employees to set aside the funds for the non-pension benefits.
  9. 9. NEED OF THE STATEMENT When the related services are received by the employer, the cost of benefits should be recognizable This statement helps in assessing useful potential demands on the employer's future cash flow Helps in providing systematic, accrual-basis measurement and recognition of OPEB cost over a period that approximates employees years of service
  10. 10. STATEMENT NO. 54 – FUND BALANCE REPORTING AND GOVERNMENTAL FUND TYPE DEFINITIONS • It states the importance to enhance the effectiveness of fund balance information by providing a clearer fund balance classifications in order to bring the consistency in their application and clarifying the existing governmental fund type definitions. • This statement is effective for periods that begin after June 15, 2010. Implementation of this statement of GASB is required for the first fiscal year ending June 30, 2011.
  11. 11. NEED OF THE STATEMENT • This statement will help the government in classifying the amounts consistently regardless of the fact that to which category it belongs. • By providing fund balance categories and classifications, financial statement will be understood by its users more easily • Because of the clarifications in the definitions of governmental fund, the uncertainty in the mind of the users has been decreased or should be reported in the respected fund types
  12. 12. STATEMENT NO. 62 - CODIFICATION OF ACCOUNTING AND FINANCIAL REPORTING GUIDANCE CONTAINED IN PRE- NOVEMBER 30, 1989 FASB AND AICPA PRONOUNCEMENTS The statement no. 62 of GASB has an objective to integrate into the GASB’s authoritative literature certain accounting and financial reporting guidance that is included in the following pronouncements issued on or before November 30, 1989 which does not conflict with or contradict GASB pronouncements: • Financial Accounting Standards Board (FASB) Statements and Interpretations • Accounting Principles Board Opinions • Accounting Research bulletins of the American Institute of Certified Public Accountants (AICPA) Committee on Accounting Procedure
  13. 13. NEED OF THE STATEMENT The codification of all the sources of generally accepted accounting principles for state and local government in order to derive from single sources, improved financial reporting by contributing to the GASB's efforts The usage of this statement will lead to elimination of the financial statement preparers and auditors in order to determine which FASB and AICPA pronouncement provision will apply to state and local governments. As a result of this, financial statements are prove to be more consistent
  14. 14. Hey Friend This was just a summary on GASB (Governmental Accounting Standards Board). For more detailed information on this topic, please type the link given below or copy it from the description of this PPT and open it in a new browser window. www.transtutors.com/homework-help/accounting/gasb.aspx

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