BROADCASTS

 

Governmental Accounting Standards Advisory Council Requests Feedback from Tribal Governments

August 1, 2016

The Governmental Accounting Standards Advisory Council (GASAC) is requesting comments and feedback on proposed projects that could have an affect on tribal government financial management. These are important projects that would benefit from tribal government input. We invite you as NAFOA community members to provide NAFOA's GASAC Representative Tasha Repp with comments and feedback.  

Financial Reporting Model Reexamination Project:

The objective of this project is to make improvements to the directly related components of the financial reporting model that have been in effect for at least five years.  The focus of these improvements is to (a) enhance the effectiveness of the model in providing information that is essential for decision-making and assessing a government's accountability and (b) address certain application issues identified through the pre-agenda research on the financial reporting model. 

Debt Disclosure Project:

The primary objective of this project is to define debt, including direct borrowing, to distinguish it from other long-term liabilities in applying disclosure requirements for notes to financial statements.  The project would be intended to improve the effectiveness of existing guidance and enhance the decision-usefulness of resulting information.  The project also would evaluate whether the disclosures in notes to financial statements related to long-term debt also should be required for short-term debt and whether additional disclosures for direct borrowing are essential to a user's understanding of the basic financial statements.

Fiduciary Activities Project:

The primary objective of this project is to develop guidance regarding whether and how governments should report fiduciary activities in their general purpose external financial reports. Other objectives of this project include assessing whether additional guidance should be developed (1) to clarify the difference between a private-purpose trust fund and an agency fund, (2) to clarify whether a business-type activity engaging in fiduciary activities should present fiduciary fund financial statements, and (3) to consider requiring a combining statement of changes in assets and liabilities for agency funds.

Revenue and Expense Recognition Project:

The objective of this project is to develop a comprehensive application model for the recognition of revenues and expenses that arise from nonexchange, exchange, and exchange-like transactions, including guidance for exchange transactions that has not been specifically addressed in the current literature. 

For questions or comments please contact Jennifer Parisien at Jennifer@nafoa.org  or (202) 558-8040.