Insights – Page 2

GASB Statement No. 83, Certain Asset Retirement Obligations

GASB issued guidance Wednesday for state and local governments to address asset retirement obligations related to tangible capital assets. Statement No. 83, Certain Asset Retirement Obligations, sets guidance for determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to asset retirement obligations. The ...

GASB 87 Will Fundamentally Change Lease Accounting for Governments

State and local governments use a variety of leasing arrangements to stabilize cash flows and reduce risk and uncertainty. The newly issued GASB Statement 87 on leases will fundamentally change lease recognition, measurement, and related disclosures for both government lessees and lessors. The major changes outlined in GASB 87 are: Leases ...

FASB’s ASU No. 2016-14 Not-for-Profit Entities (Topic 958)

In August 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2016-14 (ASU 2016-14) to make improvements to information presented on nonprofit (NFP) financial statements. FASB’s goal was to update the current nonprofit reporting model, by improving the readability and transparency of financial statements. The ASU was effective for fiscal ...