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.


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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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.


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