Implementation Guide for GASB Statement 44 Offers New “Specialty” Guidance

The Governmental Accounting Standard Board (GASB), last week introduced the Guide to Implementation of GASB Statement 44 on the Statistical Section. The Guide, developed to assist preparers and auditors implementing the expanded statistical section of state and local government’s comprehensive annual financial report (CAFR), contains 120 questions and answers relevant to important aspects of Statement 44.

“Statement 44 revises the statistical section for the first time in twenty-five years, so governments have been seeking help in adopting the new guidelines,” says GASB project manager David Mead, the principal author of the guide. “The Guide should be valuable not only to general purpose governments, but also to special-purpose governments, such as colleges, utilities, and special districts, for which no specific guidance was previously available.”

Among the important aspects of Statement 44 covered in the Guide to Implementation of GASB Statement 44 on the Statistical Section. are:

  • Presenting newly required information, such as net assets, changes in net assets, fund balance and outstanding debt
  • Identifying a government’s most significant own-source revenue and its overlapping governments
  • Obtaining and reporting demographic and economic information
  • Selecting appropriate trend information about government employees, operating indicators and capital assets.

Accompanying the 120 questions and answers are more than 160 illustrations of complete sample statistical sections, alternative formats and optional schedules for nine types of governments, ranging from general purpose local, county and state governments to water, sewer and airport authorities, to library and school districts. The Guide also includes a glossary, topical index and standards section. The Guide can be ordered online ar www.gasb.org or by calling 800-748-0659.

You may like these other stories...

A proposal issued by the Governmental Accounting Standards Board (GASB) last week explains how fair value measurement should be defined for state and local government financial reporting.The exposure draft, Fair Value...
By Jason Bramwell The board of trustees of the Financial Accounting Foundation (FAF) finalized a new policy on November 19 that provides the Governmental Accounting Standards Board (GASB) with direction on what...
By Jason Bramwell The Governmental Accounting Standards Board (GASB) is now offering a free online toolkit designed to assist preparers and auditors of state and local government pension plans with implementing new...

Upcoming CPE Webinars

Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.
Aug 28
Excel spreadsheets are often akin to the American Wild West, where users can input anything they want into any worksheet cell. Excel's Data Validation feature allows you to restrict user inputs to selected choices, but there are many nuances to the feature that often trip users up.