GASB 31 is applicable to all investments held by governmental external investment pools and certain investments held by governmental entities other than external investment pools, defined benefit pension plans, and IRC Section 457 deferred compensation plans. An external investment pool is an arrangement that has the following criteria:
What are the key provisions of GASB Statement 31?
GASB Statement No. 31 Key Provisions IInvestments reported at fair value – Quoted market prices – Amount exchanged between willing parties IApplicable to…. – Participating interest-earning investment contracts – External investment pools – Open-end mutual funds – Debt and equity securities 2 Exceptions to Fair Value Accounting and Reporting
What are the required GASB Statement disclosures?
GASB Statement No. 31 Required Note Disclosures IMethods/assumptions used to estimate fair value IAmortized cost option IDefinitions of realized vs. unrealized gains/ losses IIncome from one fund assigned to another IVarious external pool disclosures 4 GASB Statement No. 3
What types of contracts are included in GASB Statement 10?
– Normal purchases and sales contracts – Insurance contracts accounted for under GASB Statement No. 10 – Certain financial guarantee contracts – Certain contracts that are not exchange-traded – Loan commitments 1 2 GASB 53 – A and FR for Derivatives (cont.)
What is the GaSb doing about 2a7-like investment pools?
IWhat: The GASB is considering revisions to the accounting and financial reporting standards for 2a7-like investment pools IWhy: Securities and Exchange Commission changes to Rule 2a7 would make it difficult for external investment pools to meet the criteria to report as 2a7-like IWhen: Exposure Draft issued - June 2015 4 8 2 5 Background
What is 2A7 reporting?
Is 2A7 a SEC?
About this website
What is the purpose of the GASB?
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
What are the GASB principles?
The GASB principles are all generally accepted accounting principles, also known as GAAPs. There are many of them, including GASB 87 and GASB 96. The latter covers the newly-set lease documentation and accounting standards for Subscription-Based Information Technology Arrangements, or SBITAs.
What is an internal service fund GASB?
SCOPE. An Internal Service fund is defined as a fund that primarily provides either benefits or goods or. services to other funds, departments, or agencies of government on a cost-reimbursement basis, with the. goal to 'break-even' rather than make a profit.
What is a GASB concept statement?
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.
Is GASB a law?
GASB establishes generally accepted accounting principles (GAAP) for state and local governments, but has no enforcement authority. However, some states (including Texas) enact laws requiring compliance with GASB standards, such as: Texas Government Code.
Does GASB use GAAP?
The GASB is responsible for establishing GAAP for state and local governments. However, the current GAAP hierarchy is set forth in the American Institute of Certified Public Accountants' (AICPA) Statement on Auditing Standards No.
What are examples of internal service funds?
Common examples of internal service include information technology, payroll, motor pool, budgeting, legal, accounting, and human resources.
What are the three categories of funds?
There are three major types of funds. These types are governmental, proprietary, and fiduciary.
When should an internal service fund be used?
An internal service fund should be used only when the reporting government is the predominant participant in the activity; otherwise, the activity should be reported as an enterprise fund (Governmental Accounting Standards Board 34, ¶68).
Where can I find GAAP rules?
The Financial Accounting Standards Board (FASB) provides free online access to the Accounting Standards Codification and is the only authoritative source for US GAAP.
How many SFAC are there?
6 SFACThere are 6 SFAC in force on Objective , Quality Characteristics, Recognition and measurement, Elements and Cash flow. 3. GAAP /SFAC pronouncement are made by Financial Accounting Standard Board (FASB) which is not an accounting Body like ICAI.
What is GASB Statement No 34?
In Statement 34, the GASB established the present blueprint for state and local government financial reporting—the format and measurement focus of the basic financial statements, certain related notes to the financial statements, and required supplementary information including management's discussion and analysis ( ...
What is the difference between GAAP and GASB?
So, "the Government Accounting Standards Board (GASB) was created in 1984 to establish generally accepted accounting principles (GAAP) for state and local government entities," says Reference for business. GASB cannot be and is not part of GAAP. But, GASB does follow GAAP standards.
Which of the following is a principle of GAAP?
Principle of RegularityPrinciple of Regularity: GAAP-compliant accountants strictly adhere to established rules and regulations. Principle of Consistency: Consistent standards are applied throughout the financial reporting process. Principle of Sincerity: GAAP-compliant accountants are committed to accuracy and impartiality.
What is the difference between GASB and FASB?
The GASB is responsible for establishing standards for federal, state and local governments, while the FASB is responsible for establishing standards for non-profits, as well as private and public companies that follow the Generally Accepted Accounting Principles (GAAP).
What is the focus of government accounting?
Government accounting is the process of recording, analyzing, classifying, summarizing communicating and interpreting financial information about government in aggregate and in detail reflecting transactions and other economic events involving the receipt, spending, transfer, usability and disposition of assets and ...
GASB Statement No. 31 Specific Reporting Requirements
3 Overview – What: The GASB issued Statement 72 to update the existing standards on fair value (primarily Statement 31) – Why: Review of existing standards found opportunities to improve the measurement of resources available to governments, and to
GASB Statement No. 31 Key Provisions - University of North Carolina at ...
4 GASB Statement No. 3 IResulted from investment losses incurred in the 1980’s IReflective of an environment where more securities were actually certificated
NOTE 3 – General- Reporting Requirements for Annual Financial Reports
GASB 79 amends GASB 31 by identifying the criteria that must be met to allow an external investment pool to be recorded at amortized cost. GASB 31 is applicable to all investments held by governmental external investment pools and certain investments held by governmental entities other than external investment pools, defined benefit pension plans, and IRC Section 457 deferred compensation plans.
Summary - Statement No. 34 - GASB
Summary. This Statement establishes financial reporting standards for state and local governments, including states, cities, towns, villages, and special-purpose governments such as school districts and public utilities.
Status - Statement No. 31 - GASB
Summaries / Status Status of Statement No. 31 Accounting and Financial Reporting for Certain Investments and for External Investment Pools Status
Fiduciary Funds- Reporting Requirements for Annual Financial ... - Texas
GASB 84 establishes criteria for identifying fiduciary activities for all agencies to improve fiduciary activity reporting.. Fund Types 10, 18, 20, or 22. In order for the assets associated with the activity to be classified as a fiduciary activity, all of the following criteria must be met. The asset must be:
What is 2A7 reporting?from gasb.org
It also provides reporting standards when income from investments associated with one fund is assigned to another fund. Governmental external investment pools that are 2a7-like pools are permitted to report their investments at amortized cost.
Is 2A7 a SEC?from gasb.org
A 2a7- like pool is not registered with the Securities and Exchange Commission (SEC) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940.
What is 2A7 reporting?from gasb.org
It also provides reporting standards when income from investments associated with one fund is assigned to another fund. Governmental external investment pools that are 2a7-like pools are permitted to report their investments at amortized cost.
Is 2A7 a SEC?from gasb.org
A 2a7- like pool is not registered with the Securities and Exchange Commission (SEC) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940.
Who is protected by a defined benefit pension plan?from gasb.org
Pension plan assets are legally protected from the creditors of employers , nonemployer contributing entities , and the pension plan administrator. If the plan is a defined benefit pension plan, plan assets also are legally protected from creditors of the plan members. For defined benefit pension plans, this Statement establishes standards ...
What information is required in a defined benefit pension plan?from gasb.org
This Statement requires that notes to financial statements of defined benefit pension plans include descriptive information, such as the types of benefits provided, the classes of plan members covered, and the composition of the pension plan’s board. Such pension plans also should disclose information about pension plan investments, including the pension plan’s investment policies, a description of how fair value is determined, concentrations of investments with individual organizations equaling or exceeding 5 percent of the pension plan’s fiduciary net position, and the annual money-weighted rate of return on pension plan investments. Other required note disclosures include information about contributions, reserves, and allocated insurance contracts.
What is 2A7 reporting?
It also provides reporting standards when income from investments associated with one fund is assigned to another fund. Governmental external investment pools that are 2a7-like pools are permitted to report their investments at amortized cost.
Is 2A7 a SEC?
A 2a7- like pool is not registered with the Securities and Exchange Commission (SEC) as an investment company, but nevertheless has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a7 of the Investment Company Act of 1940.
