GASB Standards Updates

GASB Seeks Input on Financial Stress and Dissolution Disclosures

The Governmental Accounting Standards Board (GASB) is seeking public comment on a Preliminary Views document regarding disclosures for severe financial stress and probable dissolution. The document aims to clarify and improve existing guidance on going concern uncertainties and establish new disclosure requirements for governments facing significant financial distress or dissolution.

GASB Proposes Guidance for Statement 103 Financial Reporting

The Governmental Accounting Standards Board (GASB) has proposed new guidance to assist stakeholders in applying Statement No. 103, which addresses financial reporting model improvements. This proposal is open for public comment.

GASB Issues Guidance on Subsequent Events

The Governmental Accounting Standards Board (GASB) has issued Statement No. 105, 'Subsequent Events,' to improve financial reporting requirements for subsequent events. The guidance is effective for fiscal years beginning after June 15, 2026.

GASB Issues Implementation Guide 2025-1 with Q&As

The Governmental Accounting Standards Board (GASB) has issued Implementation Guide No. 2025-1, providing 12 new questions and answers to clarify GASB standards on various topics including leases, accounting changes, and cash flows. This guidance is intended to assist state and local governments in applying generally accepted accounting principles.

GASB Fair Value Standard Post-Implementation Review Report Published

The Governmental Accounting Standards Board (GASB) has published a Post-Implementation Review (PIR) report on its fair value standard, GASB Statement No. 72. The report concludes that the standard met its objectives, was operational, and provided decision-useful information.