This issue of the Advisory describes in brief the principal accounting changes resulting from GASB 68, and considers how official statement disclosure may be impacted.
The accounting standards that apply to financial reporting for governmental pension plans (pension systems) and for the governments that sponsor such pension plans have been significantly revised. Governmental Accounting Standards Board (“GASB”) Statement No. 68, “Accounting and Financial Reporting for Pensions,” (“GASB 68”) became effective for governments for fiscal years beginning after June 15, 2014. As a result, for those governments that maintain a July 1 – June 30 fiscal year, GASB 68 will apply to the financial statements for fiscal year 2015 (July 1, 2014 – June 30, 2015). Such financial statements are now being finalized and audited for many of our governmental clients.
Attachment: [Hawkins Advisory]
Also of Interest
- Carol McCoog Assumes NABL President-Elect Position
Carol McCoog has been elected President-elect of the National Association of Bond Lawyers (NABL).
- SEC Actions – Rule 15c2-12 Limited Offering Exemption
This Advisory examines how, for the first time, the SEC has brought charges against underwriters who fail to meet the legal requirements of the limited offering exemption provided by Rule 15c2-12 in connection with offerings of municipal securities.
- Municipal Market — Federal Securities Law Update (2022)
This Hawkins Advisory provides an update on the municipal securities market and related federal securities law regulation. In particular, this Advisory reviews (i) the current composition of the Securities and Exchange Commission (the “SEC”) and its regulatory priorities; (ii) the SEC’s proposed rules on climate change disclosure and other environmental, social, and governance (“ESG”) initiatives; (iii) developments in cybersecurity disclosure; and (iv) recent SEC enforcement actions in the municipal securities market.
- Hawkins Served as Counsel to Two Bond Buyer Deal of the Year Winning Transactions
Hawkins is proud to have served as special and lead outside counsel on two financings that were finalists for The Bond Buyer deal of the year award for 2021 and winners in their respective categories. This year’s deals reflect the substantial expertise of Hawkins’ transportation industry attorneys.