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2006 AAA-GNP Mid-Year Meeting

2006 AAA-GNP Mid-Year Meeting. GASB Update Terry Patton--GASB The views expressed in this presentation are those of Mr. Patton. Official positions of the GASB are determined only after extensive due process and deliberation. A New Chairman. Bob Attmore, Chairman 2009

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2006 AAA-GNP Mid-Year Meeting

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  1. 2006 AAA-GNP Mid-Year Meeting GASB Update Terry Patton--GASB The views expressed in this presentation are those of Mr. Patton. Official positions of the GASB are determined only after extensive due process and deliberation.

  2. A New Chairman • Bob Attmore, Chairman 2009 • Cindy Green 2006 • Bill Holder 2005 • Ed Mazur 2007 • Marcia Taylor 2010 • Dick Tracy 2006 • Jim Williams 2007

  3. New Strategic Plan • Goals • Establish high-quality standards that improve public accountability and result in useful information for making decisions. • Foster constructive relationships with constituents to ensure that the GASB considers their needs and views. • Promote the development of informed and competent financial report users, preparers, and auditors. • Improve the GASB’s organizational capacity to pursue its vision, mission, and goals in a timely and sustainable manner.

  4. GASB’s Scorecard • Users’ satisfaction with the usefulness of governmental financial reports and GASB standards • Preparers’ and attestors’ satisfaction with the quality of GASB standards • Increase in the percentage of governmental entities that adopt and use GASB financial reporting standards

  5. Recently Issued GASB Pronouncements

  6. New Pronouncements—2003 • Statement No. 40, Deposit and Investment Risk Disclosures • Statement No. 41, Budgetary Comparison Schedules—Perspective Differences • Statement No. 42, Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries • Technical Bulletin 2003-01, Disclosure Requirements for Derivatives Not Reported at Fair Value on the Statement of Net Assets

  7. New Pronouncements—2004 • Statement No. 43, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans—April • Technical Bulletin 2004-1, Tobacco SettlementIssues—April • Statement No. 44, Economic Condition Reporting: The StatisticalSection—May • Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pension Plans—June

  8. New Pronouncements—2004 • Technical Bulletin 2004-2, Recognition of Pension and OPEB Expenditures/Expense and Liabilities by Cost-Sharing Employers—December • Statement No. 46, Net Assets Restricted by Enabling Legislation—December

  9. New Pronouncements—2005 • Statement No. 47, Accounting for Termination Benefits—June

  10. Effective Dates Fiscal Years Ending: • December 31, 2005 • Statement 40 • Statement 42 • December 31, 2006 • Statement 34, Retroactive infrastructure—Phase I • Statement 43—Phase I • Statement 44 • Statement 46 • Statement 47 (generally) • December 31, 2007 • Statement 34, Retroactive infrastructure—Phase II • Statement 43—Phase II • Statement 45—Phase I

  11. Effective Dates Fiscal Years Ending: • June 30, 2006 • Statement 34, Retroactive infrastructure—Phase I • Statement 42 • Statement 44 • Statement 46 • Statement 47 • June 30, 2007 • Statement 34, Retroactive infrastructure—Phase II • Statement 43—Phase I • June 30, 2008 • Statement 43—Phase II • Statement 45—Phase I

  12. GASB Exposure Draft Accounting and Financial Reporting for Pollution Remediation Obligations • Comment Deadline: May 1,2006

  13. Project Timetable • Preliminary Views—Issued March 2005 • Public Hearing—June 29, 2005 • Exposure Draft—January 2006 • Statement—November 2006

  14. Sales and Pledges of Receivables and Future Revenues

  15. Timetable • Exposure draft: September 30, 2005 • Comment deadline: December 30, 2005 • Final standard expected in August 2006.

  16. What’s On the Horizon for the Next 5 Years? Current Agenda

  17. Current Agenda • Conceptual framework—elements • Conceptual framework—recognition and measurement attributes • Derivatives and hedging • Fund balance reporting • Intangible assets • Sales and pledges of receivables and future revenues • Comprehensive Implementation Guide

  18. Research Agenda • Economic condition—phase III • Electronic financial reporting • Intergovernmental financial risks • Pension reporting • Statement 14 revisited/Reporting unit presentations • Service efforts and accomplishments

  19. Potential Projects • Government combinations • In-kind contributions • Lease accounting • Popular reporting • Present value

  20. Questions? Telephone—(203) 847-0700, ext. 203 Web site—www.gasb.org

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