Applying Governmental Accounting Standards Board Statement 34: Lessons from the Field

2001 ◽  
Vol 1747 (1) ◽  
pp. 123-128 ◽  
Author(s):  
Anthony J. Kadlec ◽  
Sue McNeil
Keyword(s):  
Accounting Standards ◽  
Governmental Accounting ◽  
Governmental Accounting Standards Board

Modifying Local Agency Pavement Management System to Support Governmental Accounting Standards Board 34 Requirements

2003 ◽  
Vol 1819 (1) ◽  
pp. 15-23 ◽  
Author(s):  
Shameem A. Dewan ◽  
Roger E. Smith
Keyword(s):  
Asset Management ◽  
Management System ◽  
Accounting Standards ◽  
Pavement Management ◽  
Pavement Management System ◽  
Local Agency ◽  
Governmental Accounting ◽  
Reporting Requirements ◽  
Asset Management System ◽  
Governmental Accounting Standards Board

The Metropolitan Transportation Commission pavement management system (MTC PMS) has been used by many cities and counties in the United States for more than 15 years. MTC PMS was evaluated to determine the extent to which the software can support the Governmental Accounting Standards Board (GASB) 34 reporting requirements, established in 1999. A local agency PMS can take information from a pavement network database to produce useful reports, which can be utilized jointly with the information from other assets managed by an agency to support the requirements for a comprehensive asset management system and other reporting requirements. The objective of this study was to elaborate GASB 34 requirements for reporting infrastructure assets, examine the capabilities of MTC PMS in supporting those standard requirements, and recommend any modifications of MTC PMS needed to better support GASB 34. It is evident from the study that MTC PMS has the capability, to some extent, of supporting GASB 34 for reporting on a pavement network according to both the GASB 34 reporting methods: the depreciation method and the modified approach. It partially supports the prerequisites for using the modified approach, which require that the managing agency have an asset management system with certain designated characteristics. Some modifications of MTC PMS software were proposed to make this management system more effective as a tool supporting an asset management system and overall GASB 34 requirements.

Insights from Academic Participation in the FAF's Initial PIR: The PIR of FIN 48

2014 ◽  
Vol 28 (3) ◽  
pp. 479-500 ◽  
Author(s):  
Jennifer L. Blouin ◽  
Leslie A. Robinson
Keyword(s):  
Accounting Standards ◽  
Academic Community ◽  
Income Taxes ◽  
Financial Accounting ◽  
Financial Accounting Standards Board ◽  
Governmental Accounting ◽  
Fin 48 ◽  
Setting Process ◽  
Governmental Accounting Standards Board

SYNOPSIS In 2009, the Financial Accounting Foundation (FAF) determined that the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB) standard setting process required a formal review to monitor and address issues that can arise after the implementation of accounting standards. The FAF selected FASB Interpretation No. 48 (FIN 48), Accounting for Uncertainty in Income Taxes, as the initial post-implementation review (PIR) standard. This paper informs the academic community about the PIR process and provides an academic perspective on the initial PIR of FIN 48. In particular, we demonstrate the role of the academic literature using the FIN 48 literature review prepared as part of the PIR process.

Prefunding Public Sector Retiree Health Benefits: The California Example

2017 ◽  
Vol 49 (4) ◽  
pp. 221-229
Author(s):  
John G. Kilgour
Keyword(s):  
Health Care ◽  
New York ◽  
Public Sector ◽  
Local Governments ◽  
Health Benefit ◽  
Accounting Standards ◽  
Governmental Accounting ◽  
State And Local ◽  
Rules Changes ◽  
Governmental Accounting Standards Board

Most state and local governments have historically funded their retiree health care benefits on a pay-as-you-go basis. This has resulted in massive amounts of unfunded liability in many states including the five largest states of California, Florida, Illinois, New York and Texas. Recent accounting and reporting rules changes by the Governmental Accounting Standards Board has made these liabilities more visible and has resulted in more attention being paid to this problem. California has adopted a plan to pay off its huge unfunded retiree health benefit liability by 2044. It might serve as an example for other states with similar problems.

Assessing the Readability of Government Accounting Standards: The Cloze Procedure

1993 ◽  
Vol 23 (3) ◽  
pp. 259-267 ◽  
Author(s):  
Raymond J. Shaffer ◽  
Kevin T. Stevens ◽  
William P. Stevens
Keyword(s):  
Accounting Standards ◽  
State Governments ◽  
College Level ◽  
Business Writing ◽  
Governmental Accounting ◽  
Government Accounting ◽  
Accounting Principles ◽  
Cloze Procedure ◽  
Governmental Accounting Standards Board

Studies assessing the readability of business writing typically use either readability formulas or, less often, the cloze procedure. This study argues that the cloze procedure, rather than a formula, is the appropriate method of assessing the readability of business writing and uses the cloze procedure to determine the readability of a statement issued by the Governmental Accounting Standards Board (GASB). The GASB provides authoritative statements on the accounting required for local and state governments and agencies. The results indicate that one important GASB statement is unreadable by college-level readers. If this and other GASB statements are unreadable by the users of GASB pronouncements, the GASB may not be fulfilling its role of communicating governmental accounting principles.

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