Printer Friendly

Preliminary views on how to implement GASB 11.

The Governmental Accounting Standards Board issued a Preliminary Views report on how state and local governments should begin to implement GASB Statement no. 11, Measurement Focus and Basis of Accounting--Governmental Fund Operating Statements. Issued in May 1990, Statement no. 11 requires governments to use accrual basis accounting to recognize government fund revenues and expenditures. It is effective for financial statements issued for periods beginning after June 15, 1994.

Statement no. 11 does not provide guidance for the balance sheet display of assets and liabilities resulting from accruals or of liabilities resulting from issuing operating debt. This report addresses the display issues, presenting the preliminary view of a majority of the board and an alternative view supported by two board members.

The deadline for written comments is August 31, 1992. Public hearings will be held August 30 in Washington, D.C. One copy of the document is available without charge until August 31 from the GASB order department, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.
COPYRIGHT 1992 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:Governmental Accounting Standards Board
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jul 1, 1992
Previous Article:Newly accredited accounting programs at four schools.
Next Article:GASB issues DM on grants and financial assistance.

Related Articles
Remodeling the house of GAAP; proposed changes in the GAAP hierarchy may be the most extensive ever.
How GASB 11 will affect municipal governments' financial reporting.
GASB proposal amends statement dates.
Preliminary view on SEA.
GASB 11 delayed indefinitely.
GASB issues three new statements and sea proposal.
GASB proposal on grants too narrow, says AICPA committee.
GASB is graded by its constituents.
GASB will add two new members.
GASB issues statement 41, Budgetary Comparison Schedule.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters