GASB Statement No. 1 Summary

Summaries / Status

Summary of Statement No. 1
Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide
(Issued 7/84)

Summary

This Statement sets forth the authoritative status of the National Council on Governmental Accounting (NCGA) Statements and Interpretations and of the accounting and financial reporting guidance contained in the Industry Audit Guide, Audits of State and Local Governmental Units, issued by the American Institute of Certified Public Accountants (AICPA) in 1974, as amended by certain Statements of Position. 

All NCGA pronouncements previously issued and in effect as of the date of this Statement and the currently effective accounting and financial reporting guidance contained in the AICPA Industry Audit Guide are continued in force until altered, amended, supplemented, revoked, or superseded by a subsequent GASB pronouncement. The specific pronouncements covered by this Statement are identified in Appendix A.

This Statement also identifies those pronouncements concerning pension accounting and financial reporting that the GASB considers as sources of acceptable accounting and reporting principles for public employee retirement systems (PERS) and state and local government employers, pending issuance by the GASB of a Statement or Statements on that subject.