Financial Facts

February 7, 2017

GASB has issued guidance for state and local governments to address asset retirement obligations related to tangible capital assets.  Statement No. 83, Certain Asset Retirement Obligations, sets guidelines for determining the timing and pattern of recognition for liabilities and corresponding deferred outflow of resources related to asset retirement obligations.  This guidance would enhance comparability of financial statements by establishing uniform criteria for governments to recognize and measure certain retirement obligations.  The requirements are effective for reporting periods beginning after June 15, 2018.

GASB has also issued a proposed implementation guide that is intended to clarify or elaborate on statements the board has issued on state and local government financial reporting.  The guide addresses questions related to topics such as accounting for pensions, cash flow statements, the reporting entity, certain investments, external investment pools, fund balances and tax abatements.

VACo Contact: Vicky Steinruck, CPA

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