Spring 2007 issue of Horizons
INDUSTRy u
PUBLIC SECTOR
GASB Update The Governmental Accounting Standards Board approved its technical plan for the second third of 2007 in public meetings held in Norwalk, Conn. The following provides an overview of the GASB’s current technical agenda as of May 1, 2007:
The following summarizes certain projects that are of greatest interest to RubinBrown’s public sector clients: The objective of the conceptual framework – elements project is to define fundamental elements of financial statements, as well as describe or define related con- cepts. The project scope includes specific elements (e.g., assets, liabilities, revenues, expenses, expendi- tures and deferred items) and the interrelationship of the elements. Another part of the conceptual framework project concerns measurement and recognition. The objectives of this project are to develop criteria for when information should be recognized and reported in the financial statements of state and local governments and to focus on the conceptual role of measurement characteristics or attributes in financial reporting (e.g., historical cost and fair value). The focus of the derivatives project is to consider whether derivatives should be displayed at fair value on the statement of net assets and whether current derivative note disclosures are adequate. If derivatives are displayed in the financial statements, hedge accounting considerations alsomust be addressed. Disclosures such as derivative objectives, terms and risks will be included in the scope of the GASB’s deliberations. Recently, the GASB has re-deliberated the derivative issues based upon the responses received from the preliminary views document and public hearings. The primary objective of the fund balance project is to evaluate whether existing reporting requirements related to fund balance reporting adequately meet the needs of financial statement users. The GASB also will consider potential changes to improve the usefulness of fund balance information. The fund balance reporting project’s scope also was expanded to include a review of current governmental fund definitions to determine if any clarifications areneeded toenhanceusers’ understanding of the information present in those funds.
GASB CURRENT TECHNICAL AGENDA AS OF MAY 1, 2007
PROJECT:
DM/ITC/PV ED
Final
Conceptual Framework – Elements Conceptual Framework – Measurement and Recognition
Issued 2Q07
4Q08
2Q09
Derivatives
Issued
2Q07
2Q08
Fund Balance Reporting and Governmental Fund Types
Issued
4Q07
3Q08
Intangible Assets
Issued 2Q07
Intergovernmental Financial Dependency Risk Service Efforts and Accomplishments – Concepts Statement 2 Amendments Service Efforts and Accomplishments – Suggested Reporting Guidelines PRACTICE ISSUES: Comprehensive Implementation Guide – Update Land and Other Real Property Held as Investments by Endowments
2Q08
1Q09
1Q08
4Q08
1Q08
3Q07
Issued 3Q07
Pension Disclosures – Conforming Changes
Issued 2Q07
29 u summer 2007 issue
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