NEWS RELEASE 10/15/07

GASB Releases 2007-2008 Annual Bound Editions

Norwalk, CT, October 15, 2007—The Governmental Accounting Standards Board (GASB) has announced the October 15th release of its 2007-2008 Annual Bound Editions. This set of four, newly-updated reference books covers all recent changes made to GASB standards and implementation guidance. It consists of the Codification (one volume), Original Pronouncements (two volumes), and the Comprehensive Implementation Guide (one volume).

The Codification and Original Pronouncements encompass all updates made to GASB standards as of June 30, 2007. The Comprehensive Implementation Guide consolidates all Implementation Guides and other guidance issued through June 30, 2007, codifying the questions and answers from the original guides and updating answers to recognize the effects of standards that have been issued since the release of the original guides.

New Features Included in the GASB’s 2007-2008 Annual Bound Editions

Codification

This volume includes:

  • The effects of Statement No. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, as well as provisions of Statement No. 47, Accounting for Termination Benefits, and Technical Bulletin (TB) 2006-1, Accounting and Financial Reporting by Employers and OPEB Plans for Payments from the Federal Government Pursuant to the Retiree Drug Subsidy Provisions of Medicare Part D, that are effective with Statement 45.
     
  • The effects of Statements No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues, and No. 50, Pension Disclosures.

  • Updated appendixes containing the text of Statements No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations,and No. 51, Accounting and Financial Reporting for Intangible Assets, which are not yet required to be implemented, and Concepts Statement No. 4, Elements of Financial Statements.

Original Pronouncements

This two-volume set marks paragraphs that have been amended or superseded by the newly effective provisions of Statements 45, 47, 48, and 50 and TB 2006-1. Status pages also note future effective changes of Statements 49 and 51.

Comprehensive Implementation Guide

This volume contains new questions and answers that address a variety of GASB topics, including issues related to other postemployment benefits, pollution remediation obligations, sales and pledges of future revenues and intra-entity transfers, permanent endowments, land, statistical section reporting of debt capacity and revenue capacity information, property tax rebate programs, and impairments.

The Annual Bound Editions can be ordered together or separately online at www.gasb.org. Also available for order is the Governmental Accounting Research System (GARS) on CD-ROM, which contains all of the Annual Bound Editions in a searchable electronic format, or the specially-priced combination service of GARS with the printed Annual Bound Editions. For more information, call (800) 748-0659.


About the Governmental Accounting Standards Board

The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website.