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.
Also of Interest
- Hawkins Attorneys Featured at Bond Attorneys’ Workshop
Four Hawkins attorneys will serve on panels at the National Association of Bond Lawyers 43rd annual Bond Attorneys’ Workshop which will be held September 26-28, 2018 in Chicago.
- Rule 15c2-12 Amendments
This Hawkins Advisory analyzes the amendments to Rule 15c2-12 that were adopted by the SEC on August 20, 2018.
- Cybersecurity - Municipal Disclosure
This Hawkins Advisory describes recent developments regarding disclosure of cybersecurity risks and incidents and their import for municipal disclosure.
- Municipal Market Regulatory Update
This Hawkins Advisory describes the proposed amendments to Rule 15c2-12 and provides a summary and analysis of SEC municipal enforcement actions over the last year.