GASB Requests Input on Revenue and Expense Recognition
February 19, 2018
Deadline to Provide Input is April 27, 2018
The Governmental Accounting Standards Board (GASB) has issued an Invitation to Comment from tribal governments and others on the development of a comprehensive revenue and expense recognition model.
One potential change for tribal governments could be the performance model for recognizing revenue for contracts. Some tribal governments that have healthcare facilities may find the proposal burdensome and cost prohibitive. NAFOA strongly suggests that tribal governments with a significant number of contracts should review the proposal and comment.
Written comments should be addressed to the Director of Research and Technical Activities, Project No. 4-6I, and either emailed to email@example.com.
Other Projects Needing Tribal Input:
NAFOA Survey on Financial Reporting: NAFOA understands that tribal governments need responsive financial accounting and reporting standards that provide useful information to all stakeholders. Providing data to accounting standard setters will demonstrate that current policy of selecting the commercial (FASB) financial reporting framework in some circumstances for tribal entities (gaming enterprises, tribally-owned banks, tribal pension plans, 501(c)(3) non-profits, and other business enterprises) that meet the definition of a government is necessary.
Capitalization of Interest Cost: Does your tribe have an opinion on whether capitalization should defer depending on if a borrowing is taxable or tax exempt? What criteria should be used to determine capitalization?
Implementation Guidance: This project proposes changes to a range of topics, including pensions, other post-employment benefits, the statistical section, regulatory reporting, and tax abatement disclosures.