Recent GASB Pronouncements

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The Governmental Accounting Standards Board (“GASB”) recently issued the following pronouncements:

  • Statement 60, Accounting and Financial Reporting for Service Concession Arrangements
  • Statement 61, The Financial Reporting Entity: Omnibus
  • Statement 62,  Codification of Pre-November 30, 1989 FASB and AICPA Pronouncements
  • Statement 63, Financial Reporting of Deferred Outflow of Resources, Deferred Inflows of Resources, and Net Position

The new pronouncements are effective for annual periods beginning after December 15, 2011, except for GASB 61 which is effective for annual period beginning after June 15, 2012.  Linked below is a summary and the impact of each Statement.

Recent_GASB_Pronouncements


About the Author

Keiter CPAs is a certified public accounting firm serving the audittax, accounting and consulting needs of businesses and their owners located in Richmond and across Virginia. We focus on serving emerging growth businesses and companies in the financial servicesconstructionreal estatemanufacturingretail & distribution industries and nonprofits. We also provide business valuations and forensic accounting servicesfamily office services, and inbound international services.

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