Elliott Davis Decosimo Government Articles

Accounting Update: New Guidance on Fiduciary Activities

February 2, 2017

Introduction On January 31, 2017, the Governmental Accounting Standards Board (GASB) issued guidance for state and local governments regarding what constitutes fiduciary activities for financial reporting purposes, how fiduciary activities should be reported and when liabilities to beneficiaries should...

Accounting Update: New Guidance on Asset Retirement Obligations

December 12, 2016

Introduction On December 7, the Governmental Accounting Standards Board (GASB) issued guidance for state and local governments addressing liabilities known as “asset retirement obligations.” An asset retirement obligation (ARO) is a legally enforceable liability associated with the retirement of...

Government Accounting Advisor: GASB Issues Two Exposure Drafts

December 12, 2016

Certain Debt Extinguishment Issues In August 2016, the GASB issued an Exposure Draft (ED) of a proposed statement, Certain Debt Extinguishment Issues, in an effort to increase consistency in accounting and financial reporting for certain debt extinguishments. The ED...