Spring 2011 issue of Horizons

However, due to changes to FASB and AICPA standards over the past 21 years, including the recent adoption by FASB of the Accounting Standards Codification, these pre-1989 standards have become difficult to locate. As a result, this statement brings the authoritative financial reporting literature for governments together in one place, thus eliminating the need for governmental entities to determine which FASB and AICPA pronouncement provisions apply to governments. Additionally, GASB Statement No. 20 permitted governments with enterprise funds and business- type activities to elect to implement FASB pronouncements issued after November 30, 1989 to the extent these didn’t contradict GASB pronouncements. GASB Statement No. 62 eliminates this option.

GASB Statement No. 62 is effective for financial statements for periods beginning after December 15, 2011. As can be seen from the summaries above, the provisions of the new GASB statements will require governments to modify their financial statements. In some cases, they will also require governments to modify their accounting and recordkeeping procedures so that the information necessary to prepare financial statements in accordance with these standards will be available. State and local governments and public colleges and universities are advised to familiarize themselves with these new GASB pronouncements as soon as possible.

RubinBrown’s Public Sector Services Group Through our extensive list of clients, including many cities and governmental entities, we understand the issues unique to the public sector.

Jeff Winter, CPA - St. Louis Partner-In-Charge Public Sector Services Group jeff.winter@rubinbrown.com 314.290.3408

Kaleb Lilly, CPA - Kansas City Partner Public Sector Services Group kaleb.lilly@rubinbrown.com 913.499.4417

Rodney Rice, CPA - Denver Partner Public Sector Services Group rodney.rice@rubinbrown.com 303.952.1233

Ted Williamson, CPA - St. Louis Manager Public Sector Services Group ted.williamson@rubinbrown.com 314.698.3534

www.rubinbrown.com

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