What is GASB 35?
Generally, GASB Statement 35 permits public institutions, in separately issued external financial statements, to use the GASB Statement 34 guidance for special-purpose governments engaged only in BTA, engaged only in governmental activities, or engaged in both governmental and BTA.
How does GASB recommend governments report budgetary information?
The GASB recommends that the budgetary comparisons be presented as a supplementary schedule following the notes, but governments may elect to present them as basic financial statements after the governmental funds financial statements.
Do public universities follow GASB?
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, and public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges …
Do universities use FASB or GASB?
Since private colleges and universities follow FASB (Financial Accounting Standards Board) guidelines, with the adoption of FASB 117 it will be easy to perform comparisons between public and private colleges and universities.
What are fiduciary activities?
WHAT IS A FIDUCIARY ACTIVITY? Just what exactly constitutes a fiduciary activity seems fairly straightforward—it involves when a government is taking care of money that belongs to individuals or other outside of the government itself.
Does GASB follow GAAP?
Established in 1984, the Governmental Accounting Standards Board (GASB) is the independent, private- sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP).
What does the GaSb staff do?
The GASB Staff prepares guides to implementing individual pronouncements in a question-and-answer format to help financial statement preparers and auditors gain a better understanding of their application provisions.
What is the purpose of GASB pronouncements?
Statements issued by the GASB are designed to provide information that is useful to related decision-making. Guides that address questions about implementing GASB pronouncements. GARS Online provides access to all U.S. GAAP and related literature for state and local governments.
What are the statements of Governmental Accounting Standards?
Each of the final Statements of Governmental Accounting Standards issued by the GASB since its establishment in 1984 is designed to provide taxpayers, legislators, municipal bond analysts, and others with information that is useful to their decision-making process regarding governmental entities.