What are GASB concept statements?

This Concepts Statement is one of a series that the GASB has issued or will issue. Concepts Statements are intended to provide a conceptual framework of interrelated objectives and fundamental principles that can be used as a basis for establishing consistent accounting and financial reporting standards.

What financial statements are required by GASB?

Required governmental fund statements are a balance sheet and a statement of revenues, expenditures, and changes in fund balances. Required proprietary fund statements are a statement of net assets; a statement of revenues, expenses, and changes in fund net assets; and a statement of cash flows.

What is GASB Statement No 68?

This Statement establishes standards for measuring and recognizing liabilities, deferred outflows of resources, and deferred inflows of resources, and expense/expenditures.

What is GASB 72?

GASB No. 72 describes fair value as an exit price. Fair value is the price you would receive upon selling an asset (or transferring a liability) in an orderly transaction between market participants at the measurement date. The fair value shouldn’t be adjusted for transaction costs.

Who uses government financial statements?

The Board has identified three groups as the primary users of external state and local governmental financial reports: the citizenry, legislative and oversight bodies, and investors and creditors.

When was GASB concept statement No 6 last modified?

Status: Concepts Statement No. 6, Measurement of Elements of Financial Statements, was approved March 2014.

What financial statement reconciliations are required by the GASB and why are they required?

The GASB requires two financial statement reconciliations: (1) a reconciliation of the total governmental fund balances on the governmental funds balance sheet to the total governmental activities net position on the government-wide statement of net position and (2) a reconciliation of the net change in governmental …

What funds are included in the government-wide financial statements?

Governmental Fund Financial Statements. Governmental fund financial statements (including financial statements for the general, special revenue, capital projects, debt service, and permanent funds) should be prepared using the current financial resources measurement focus and the modified accrual basis of accounting.

What is a GASB 75?

75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions.

What is the difference between GASB 74 and 75?

GASB 74 is for OPEB plans and is effective for plan fiscal years beginning after June 15, 2016. GASB 75 is for employers that sponsor OPEB plans and is effective for employer fiscal years beginning after June 15, 2017.

What is GASB 73?

GASB Statement 73 is for accounting and financial reporting for pensions not within the scope of GASB Statement 68 and applies for employer fiscal years beginning after June 15, 2016.

Who does GASB 75 apply to?

Statement 75 applies to all public entities (including state governments; county, city, town and village governments; and school districts) that follow GAAP in filing their annual financial statements and offer OPEB.