GASBS

AcronymDefinition
GASBSGovernmental Accounting Standards Board Statements
References in periodicals archive ?
Note 7 of the CAFR lists future minimum rental commitments under real property and equipment leases that are not capitalized under current GASB standards.
The current GASB exposure draft, "Leases"--like its FASB counterpart--requires capitalization of virtually every lease.
With the official release of FASB's new standard for leases, the GASB lease project has become more important.
This position is contrary to the one taken by the GASB in the PV but could have been affected by the knowledge finance officers have of what is required by GAAP.
In the discussion in Chapter 3 of the PV, the GASB cites the author's dissertation in stating that the finance directors "clearly found the direct method to provide more and better information than the indirect method;" however, the GASB did not recognize the wide support for presenting the reconciliation as an integral part of the SCF.
That is why the GASB is currently field testing the new reporting model with a number of state and local governments around the country.
In considering the GASB's decision to require presentation of the statement of cash flows using the direct method, as proposed in the PV, most finance officers support this method of presentation, as the survey results indicate.