Financial Facts

October 4, 2016

FinancialFacts15

On September 26, GASB proposed a standard that would address various accounting and financial reporting issues that have been identified by state and local governments during the implementation and application of GASB rules. The exposure draft, Omnibus 201X, proposes guidance on numerous issues including:

-Blending component units when the primary government is a business-type activity currently reporting a single column for financial statement presentation.

-Reporting goodwill and “negative” goodwill.

-Classifying real estate held for both operations and investment purposes for insurance entities.

-Measuring certain money-market investments and participating interest-earning investments at amortized cost.

-Timing the measurement of pension and other Post-employment benefits (OPEB) liabilities and related expenditures recognized in financial statements prepared using the current financial resources measurement focus.

-Recognizing on-behalf payments for pensions and OPEB in employer financial statements.

-Presenting payroll-relate measures in required supplementary information for purposes of reporting by OPEB plans and employers that provide OPEB.

-Classifying employer-paid member contributions for OPEB.

-Accounting for and reporting OPEB provided through certain multiple-employer defined benefit OPEB plans.

-Simplifications related to the alternative measurement method for OPEB.

VACo Contact: Vicky Steinruck, CPA

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