[ACFR-contacts-news] FW: GASB Issues Exposure Drafts Addressing Subsequent Events and Updated Implementation Guidance

[HAMILTON Robert W * DAS]

Good morning ACFR Contacts,

GASB issued two exposure drafts this morning: one on subsequent events and one on an implementation guidance update. SARS will be reviewing these to determine if we would like to provide feedback to GASB on them. If you have feedback you would like us to include, please let us know by January 15 for the implementation guidance update and February 12 for subsequent events.

Wishing everyone a wonderful Thanksgiving,

Rob

Robert W. Hamilton, CPA
State Controller
971-719-3031

From: Governmental Accounting Standards Board <jcbetz at f-a-f.org>
Sent: Monday, November 25, 2024 7:10 AM
To: HAMILTON Robert W * DAS <robert.w.hamilton at state.or.us>
Subject: GASB Issues Exposure Drafts Addressing Subsequent Events and Updated Implementation Guidance

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GASB Issues Exposure Drafts Addressing Subsequent Events and Updating Implementation Guidance

Norwalk, CT-November 25, 2024-The Governmental Accounting Standards Board (GASB) announced today that it has issued two Exposure Drafts: an Exposure Draft of a proposed Statement, Subsequent Events, and an Exposure Draft of a proposed Implementation Guide, Implementation Guidance Update-2025.

The primary objective of the Exposure Draft<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=ee7a905244&e=2631ed37c7>, Subsequent Events, is to reexamine the existing requirements in Statement No. 56, Codification of Accounting and Financial Reporting Guidance Contained in the AICPA Statements on Auditing Standards, related to subsequent events and improve the financial reporting requirements for subsequent events.

The proposed guidance in the Exposure Draft<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=1f442746f8&e=2631ed37c7>, Implementation Guidance Update-2025, comes in the form of questions and answers intended to clarify, explain, or elaborate on certain GASB pronouncements.

Subsequent Events
GASB's pre-agenda research on subsequent events showed diversity in practice in the application of the existing guidance. Therefore, the project is designed to improve consistency in application of GASB literature thereby better meeting the information needs of financial statement users. To do that, the Exposure Draft clarifies the different types of subsequent events, when note disclosures would be required, and the information that would be included in those note disclosures.

The proposed Statement defines subsequent events as transactions or other events that occur after the date of the financial reporting statements but before the date the financial statements are available to be issued. The Exposure Draft describes the date the financial statements are available to be issued as the date at which (1) the financial statements are complete in a form and format that complies with generally accepted accounting principles (GAAP) and (2) all approvals necessary for issuance have been obtained.

The proposed Statement would clarify the subsequent events that constitute recognized and nonrecognized events and establish specific note disclosure requirements for nonrecognized events.

Implementation Guidance Update
The Exposure Draft, Implementation Guidance Update-2025, contains nearly 20 proposed new and amended questions and answers that address leases, accounting changes and error corrections, conduit debt obligations, cash flows reporting, compensated absences, and financial reporting model improvements.

The Board periodically issues new and updated guidance to assist state and local governments in applying GAAP to specific facts and circumstances that they encounter. The GASB develops the guidance based on:

  *   Application issues raised during due process on GASB pronouncements
  *   Questions it receives throughout the year, and
  *   Topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders.
The guidance in Implementation Guides is cleared by the Board and constitutes Category B GAAP.

Share Your Views with the GASB
Stakeholders are asked to review and provide input on the Exposure Draft, Subsequent Events, by February 21, 2025. Stakeholders are asked to review and provide feedback on the Exposure Draft, Implementation Guidance Update-2025, by January 24, 2025.

Comments may either be submitted in writing or through an electronic input form. More information about commenting on the Exposure Drafts<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=322b0df720&e=2631ed37c7> can be found in the front of the documents, which are available on the GASB website, www.gasb.org<https://gasb.us3.list-manage.com/track/click?u=e043e1190253df702a1340ed7&id=9045223787&e=2631ed37c7>.

####


Jordan C. "Kip" Betz
Senior Communications Manager
Financial Accounting Foundation
801 Main Avenue, Norwalk, CT 06851
E: jcbetz at f-a-f.org<mailto:jcbetz at f-a-f.org>
T: 203.956.5201 // C: 917.439.9553
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