GASB: What Legislative Staff Need to Know

Transcription

1 GASB: What Legislative Staff Need to Know Fiscal Analysts Seminar Dean Michael Mead October 22, 2014 The views expressed in this presentation are those of Mr. Mead. Official positions of the GASB on accounting matters are determined only after extensive due process and deliberation.

2 Overview News from the GASB About the GASB Intersection of Accounting and Budgeting Upcoming Proposals Research Activities Potential Projects on the Horizon Shameless Plea for Your Assistance Questions Additional information about the upcoming proposals 2

3 GASB News All GASB pronouncements are available free on the website, including Statements, Concepts Statements, Interpretations, Technical Bulletins, and Implementation Guides Online version of GARS now available through website - Basic view is free The GASB Report has gone electronic and is now free New quarterly electronic newsletter, GASB Outlook, also is available free - Sign up for both on the GASB website 3

4 GASB News Deadline October 10 Currently conducting a survey of financial statement users regarding the effectiveness of Statement Every user completing the survey will receive a free copy of a GASB User Guide of their choice 4

5 Financial Accounting Foundation FASB FASAC GASB GASAC Publicly traded companies Private companies Private NFPs States, counties, cities Special-purpose govts. Governmental NFPs 5

6 Created in 1984 by agreement of the FAF and: American Institute of CPAs Council of State Governments Government Finance Officers Association International City/County Management Association National Association of Counties National Association of State Auditors, Comptrollers and Treasurers National Conference of State Legislatures National League of Cities National Governors Association U.S. Conference of Mayors

7 About the GASB 7 members (only chairman is full time) 24 staff Funded primarily through a fee charged to firms that trade municipal bonds, based on trading volume Involves stakeholders through extensive research, outreach, and public comment periods for proposals Individual projects advised by task forces of knowledgeable stakeholders, often including legislative fiscal officers Advised in general by the Governmental Accounting Standards Advisory Council (GASAC) NCSL is currently represented by Stephen Klein (Vermont) 7

8 Who Follows GASB Standards? 37 states require at least some of their political subdivisions to follow GASB standards - 34 states require some or all school districts - 28 states require some or all counties - 27 states require some or all cities, towns, and other localities - Not sure about requirements for special districts Approximately 50,000 governments have outstanding municipal debt and the market prefers GAAP reporting Enforcement activities are performed by some states, but most enforcement comes down to the audit - Some governments hire a CPA firm - Others are audited by the state auditor or another auditor in government 8

9 Which States Require GASB Standards? All counties (25): AZ, CA, CO, FL, GA, HI, ID, IA, LA, ME, MD, MA, MI, MN, MS, MT*, NV, NM, NC, ND, OH*, PA, TN, UT, WY Some counties (3): TX, VA, WI All cities (14): AZ, CT, HI, ME, MD, MA, MI, MT*, NV, NM, NC, OH*, RI, TN Some cities (12): CO, FL, GA, CT, LA, MN, MS, TX, UT, VA, WI, WY All school districts (33): AZ, AR, CA, CO, CT, DE, FL, GA, HI, IA, KY, LA, ME, MD, MA, MN, MS, MT, NV, NH, NJ, NM, NC, OH*, PA, RI, SC, SD, TN*, TX, VA, WI, WY Some school districts: UT Requires GAAP but not an audit for counties/cities: NH 9

10 Intersection of Accounting B and u d g e t i n g 10

11 Pensions and OPEB Pensions and retiree health insurance (called other postemployment benefits or OPEB) Every state has a defined benefit pension plan the amount of benefits that retirees will receive is specified, and the state sets assets aside to invest long term in a trust to finance the benefits As a result of this structure, states have a liability related to the obligation to make pension benefit payments in the future when they come due this liability is disclosed in the notes to states financial statements, not on the face of the statements with other long-term liabilities 11

12 Big Changes in Pensions and OPEB The pension standards issued in 1994 were based largely on the approach governments were taking to funding their benefits Annual required contribution (ARC) was held forth by actuaries and others (not the GASB) as something of a gold standard for funding Consequently, the ARC served as the starting point for many governments regarding how much would be in the budget The OPEB standards issued in 2004 raised questions about the potential to fund retiree health insurance v. PAYGO Disclosure of the OPEB liability led to changes in OPEB plans 12

13 New Pension and OPEB Standards New pension standards are being implemented now - Splits accounting from funding there is no need to change funding approaches - Net pension liability to be recognized in the financial statements - Liability likely to be larger than what is disclosed now if a plan is poorly funded - Annual pension expense will likely be larger than at present Proposed OPEB standards - Would take the same approach as the pensions standards - Proposed to be effective for fiscal year

14 Reporting of Off-Balance-Sheet Debt The financial reporting entity what is in and out of the state s financial statements? - Most component units (legally separate entities for which the state is financially accountable) are presented apart from the primary government - Some are blended with the primary government, now including component units whose total debt outstanding is repaid entirely or almost entirely with the state s resources how does this affect appropriation-backed debt? Forthcoming leases proposal would treat all leases as financings (with an exception for leases with terms of 12 months or less) would add long-term liabilities Is either issue relevant to borrowing limits? 14

15 Upcoming Proposals 15

16 Upcoming Proposals Tax abatement disclosures (late October) Leases (late November) Fiduciary responsibility (late November) 16

17 Research Activities 17

18 Research Activities Review of the effectiveness of GASB Statement 34 External Investment Pools Review of the effectiveness of the standards on debt extinguishments, including refundings 18

19 Potential Future Projects 19

20 Some Items on the GASB s List of Potential Electronic financial reporting Interim financial reporting Note disclosures (reexamination of Statement 38) Popular reporting Emissions trading (carbon credits) Going concern 20

21 Shameless Plea 21

22 GASB Needs to Hear from Legislative Fiscal Offices Legislative and oversight bodies are one of three groups of information users that GASB standards are intended to help (along with citizens and investors/creditors) We know that fiscal staff do not use financial statements a lot, but they do use them sometimes the state s report, sometimes those of school districts, local governments, public colleges and universities, or public authorities It can be difficult for the GASB to identify the right person to speak with Your feedback through surveys, interviews, and comments on proposals is very important to the GASB but is sometimes hard for us to obtain 22

23 Questions? Let s talk about what you re interested in for a change Visit the GASB at 23

24 Accounting and Financial Reporting for Pensions & OPEB 24

25 Why New Standards, and Why Now? All major pronouncements are reviewed periodically to ensure they continue to be effective and meet their objectives - New/proposed standards address concerns about the usefulness of the information reported by governments, including comparability, and the relative lack of information about governments in cost-sharing multiple-employer plans Development of conceptual framework definition of a liability and introduction of government-wide accrual financial statements since the prior pension standards were issued The projects were not motivated by the recession s effect on the funded status of pension plans, which occurred after the deliberations had begun 25

26 When Will the Standards Be Implemented? Statement 67 (reporting by pension plans): Fiscal years ending June 30, 2014, and later - Will begin to see these in the latter half of this year Statement 68 (reporting by employer governments): Fiscal years ending June 30, 2015, and later - Will begin to see these in the latter half of 2015 OPEB plans: Proposed for fiscal years ending December 15, 2016, and later OPEB for employer governments: Proposed for fiscal years ending December 15, 2017, and later 26

27 Liability Recognition Old Standards Net pension obligation or net OPEB obligation Equals the cumulative difference since implementation of the standards between the annual required contribution and actual contributions New/Proposed Standards Net pension liability or net OPEB liability Equals the difference between the total pension/opeb liability and the net position of the plan 27

28 Result of the Liability Measurement Old Standards Actuarial accrued liability (AAL), minus Actuarial value of assets (AVA), equals Unfunded actuarial accrued liability (UAAL) New/Proposed Standards Total pension/opeb liability, minus Net position of the plan, equals Net pension/opeb liability 28

29 How Is the Long-Term Obligation Measured? Project cash outflows for benefits Discount projected benefits to present value (PV) Allocate the PV of projected benefits to periods using an acceptable actuarial cost method 29

30 Projections Old Standards Include current employees (active and inactive) in accordance with: - Benefit terms - Any additional legal agreement(s) in force at the measurement date Include automatic benefit changes and COLAs New/Proposed Standards Include current employees (active and inactive) in accordance with: - Benefit terms - Any additional legal agreement(s) in force at the measurement date Include ad hoc benefit changes and COLAs that are effectively automatic 30

31 Discounting Old Standards Long-term expected rate of return of plan assets (pensions) Weighted average of (a) long-term expected rate of return and (b) return on general investments (OPEB) New/Proposed Standards Project (i) benefit payments and (ii) plan net position for each year: - If (i) < (ii), projected benefit payment is discounted using the long-term expected rate of return - If (i) > (ii), projected benefit payment is discounted using a municipal bond rate 31

32 Projected Benefit Payments Actuarial Present Values of Projected Benefit Payments Year (a) Projected Beginning Fiduciary Net Position* (b) Projected Benefit Payments (c) "Funded" Portion of Benefit Payments (d) "Unfunded" Portion of Benefit Payments (e) Present Value of "Funded" Benefit Payments (f) = (d) ( %) (a) Present Value of "Unfunded" Benefit Payments (g) = (e) (1 + 4%) (a) Present Value of Benefit Payments Using the Single Discount Rate (h) = (c) ( %) (a) Total $ 1,431,956 $ 109,951 $ 109,951 $ - $ 102,280 $ - $ 104,427 1,500, , , , ,088 1,565, , ,749-99, ,019 Future benefit payments and the resources available to finance them (plan net position) are both projected 1,628, , ,690-98, ,154 1,687, , ,229-97, ,370 1,742, , ,168-96, ,487 1,792, , ,466-95, ,468 1,835, , ,332-94, ,450 1,871, , ,591-93, ,302 1,898, , ,069-91, , , , ,779-49,236-84, , , , ,175 81,140 64, , , ,713 77, , , ,032 74, , , ,135 70, $ 2,109,333 + $ 1,724,534 = $ 3,833,867 Note: Years and have been omitted from this table. * From Table 2: Projection of the Pension Plan's Fiduciary Net Position, column (a). From Table 2: Projection of the Pension Plan's Fiduciary Net Position, column (c). In this illustration, the rate that produces a total actuarial present value that equals the sum of the actuarial present values of "funded" and "unfunded" benefit payments in columns (f) and (g) results in a discount rate of 5.29% (rounded).

33 Projected Benefit Payments Actuarial Present Values of Projected Benefit Payments Year (a) Projected Beginning Fiduciary Net Position* (b) Projected Benefit Payments (c) "Funded" Portion of Benefit Payments (d) "Unfunded" Portion of Benefit Payments (e) Present Value of "Funded" Benefit Payments (f) = (d) ( %) (a) Present Value of "Unfunded" Benefit Payments (g) = (e) (1 + 4%) (a) Present Value of Benefit Payments Using the Single Discount Rate (h) = (c) ( %) (a) $ 1,431,956 $ 109,951 $ 109,951 $ - $ 102,280 $ - $ 104,427 1,500, , , , ,088 1,565, , ,749-99, ,019 1,628, , ,690-98, ,154 1,687, , ,229-97, ,370 1,742, , ,168-96, ,487 1,792, , ,466-95, ,468 1,835, , ,332-94, ,450 1,871, , ,591-93, ,302 1,898, , ,069-91, ,918 * Total 547, , ,779-49,236-84, , , , ,175 81,140 64, , , ,713 77,694 Until this point, projected plan net position - 330, , ,032 74, , , ,135 70,567 is sufficient to make projected benefit payments, so the long-term expected rate $ 2,109,333 + $ 1,724,534 = $ 3,833,867 of return is the discount rate Note: Years and have been omitted from this table. From Table 2: Projection of the Pension Plan's Fiduciary Net Position, column (a). From Table 2: Projection of the Pension Plan's Fiduciary Net Position, column (c). In this illustration, the rate that produces a total actuarial present value that equals the sum of the actuarial present values of "funded" and "unfunded" benefit payments in columns (f) and (g) results in a discount rate of 5.29% (rounded).

34 Projected Benefit Payments Actuarial Present Values of Projected Benefit Payments Year (a) Projected Beginning Fiduciary Net Position* (b) Projected Benefit Payments (c) "Funded" Portion of Benefit Payments (d) "Unfunded" Portion of Benefit Payments (e) Present Value of "Funded" Benefit Payments (f) = (d) ( %) (a) Present Value of "Unfunded" Benefit Payments (g) = (e) (1 + 4%) (a) Present Value of Benefit Payments Using the Single Discount Rate (h) = (c) ( %) (a) $ 1,431,956 $ 109,951 $ 109,951 $ - $ 102,280 $ - $ 104,427 1,500, , , , ,088 1,565, , ,749-99, ,019 1,628, , ,690-98, ,154 1,687, , ,229-97, ,370 1,742, , ,168-96, ,487 1,792, , ,466-95, ,468 1,835, , ,332-94, ,450 1,871, , ,591-93, ,302 1,898, , ,069-91, ,918 * , , ,779-49,236-84, , , , ,175 81, , , , ,713 77, Total - 330, , ,032 74,168 This is the crossover point at which projected plan net position is no longer sufficient, and the municipal bond index rate is used - 331, , ,135 70, Note: Years and have been omitted from this table. From Table 2: Projection of the Pension Plan's Fiduciary Net Position, column (a). From Table 2: Projection of the Pension Plan's Fiduciary Net Position, column (c). $ 2,109,333 + $ 1,724,534 = $ 3,833,867 In this illustration, the rate that produces a total actuarial present value that equals the sum of the actuarial present values of "funded" and "unfunded" benefit payments in columns (f) and (g) results in a discount rate of 5.29% (rounded).

35 Allocation to Periods Old Standards Choice among 6 cost allocation methods Applied as a level percentage of payroll or as a level dollar amount New/Proposed Standards A single allocation method entry age applied as a level percentage of payroll 35

36 Expense Old Standards Based on the ARC part normal cost, part amortization of the UAAL Amortization up to 30 years New/Proposed Standards Most changes in the pension/opeb liability will be recognized in expense when incurred Changes in the liability that will be initially reported as a deferral will be introduced into expense much more rapidly 36

37 Expense Recognition Prior Standards New Standards Source of Change in the Net Pension Liability Expense Deferral Expense Deferral Service Cost Immediate None Immediate None Interest on the TPL Immediate None Immediate None Projected Investment Earnings Immediate None Immediate None Changes in Benefit Terms Immediate None Changes in Assumptions Expense over average remaining Differences between Expected and Actual Expense over a period of service period of actives and inactives Economic and Demographic Factors up to 30 years (closed or Differences between Projected and open) Actual Earnings Expense over 5-year closed period Other Changes in the NPL Immediate None 37

38 Reporting by Cost-Sharing Employers Old Standards No information about the liability Cost information limited to contributions Smaller set of notes No RSI schedules New/Proposed Standards Cost-sharing employers will recognize their proportionate share of the liability, expense, and deferrals of all of the participating employers More comparable notes and RSI 38

39 Note Disclosures Employers 1% Decrease (6.75%) Current Discount Rate (7.75%) 1% Increase (8.75%) County's net pension liability $826,928 $751,753 $661,543 1% Decrease (6.0%) Discount Rate (7.0%) 1% Increase (8.0%) 1% Decrease (8.5% 4.5%) $ (12,963) $ (61,284) $ (104,773) Healthcare Cost Trend Rates (9.5% 5.5%) $ 54,687 $ 6,366 $ (51,620) 1% Increase (10.5% 6.5%) $ 165,825 $ 88,512 $ 20,862 39

40 Deferrals Note Disclosure Deferred Outflows of Resources Deferred Inflows of Resources Differences between expected and actual experience Changes of assumptions Net difference between projected and actual earnings on pension plan investments Total $ 33,329 $ 53,995 62, ,976 - $ 230,254 $ 53,995 Year ended June 30: 20Y0 $ 57,966 20Y1 86,466 20Y2 43,069 20Y3 (1,778) 20Y4 1,465 Thereafter (10,929) 40

41 New Note Disclosures Cost-Sharing Employers - Employer s proportion, basis for proportion, change in proportion - Employer s proportionate share (amount) of collective NPL/NOL Single/Agent Employers - Schedule of changes in NPL/NOL by source for current period 41

42 Change in NPL/NOL Note Disclosure Increase (Decrease) Total Pension Liability (a) Plan Fiduciary Net Position (b) Net Pension Liability (a) (b) Balances at 6/30/X8 Changes for the year: Service cost Interest Differences between expected and actual experience Contributions employer Contributions employee Net investment income $ 2,853,455 $ 2,052,589 $ 800,866 75,864 75, , ,515 (37,539) (37,539) 79,713 (79,713) 31,451 (31,451) 196,154 (196,154) Benefit payments, including refunds of employee contributions Administrative expense Other changes (119,434) (119,434) - (3,373) 3,373 8 (8) Net changes 135, ,519 (49,113) Balances at 6/30/X9 $ 2,988,861 $ 2,237,108 $ 751,753 42

43 New RSI: Changes in NPL Note: Only 5 years are presented here; 10 years of information will be required 43

44 New RSI: NPL Components and Ratios Note: Only 5 years are presented here; 10 years of information will be required Can be combined with schedule of changes in the net pension liability 44

45 New RSI: Contributions Note: Only 5 years are presented here; 10 years of information would be required 45

46 New RSI: Cost-Sharing SCHEDULE OF THE CITY S PROPORTIONATE SHARE OF THE NET PENSION LIABILITY Municipal Pension Plan City's proportion of the net pension liability (asset) City's proportionate share of the net pension liability (asset) City's covered-employee payroll City's proportionate share of the net pension liability (asset) as a percentage of its covered-employee payroll Plan fiduciary net position as a percentage of the total pension liability Last 10 Fiscal Years* 20X9 20X8 20X7 20X6 20X5 (Dollar amounts in thousands) 0.20% 0.19% 0.19% 0.19% 0.20% $ 14,910 $ 11,738 $ 12,972 $ 13,495 $ 14,892 $ 11,512 $ 10,412 $ 9,715 $ 9,553 $ 9, % % % % % 81.38% 83.20% 80.41% 78.53% 75.79% * The amounts presented for each fiscal year were determined as of 3/31. Note: Only 5 years are presented here; 10 years of information will be required 46

47 New RSI: Cost-Sharing SCHEDULE OF CITY CONTRIBUTIONS Municipal Pension Plan Last 10 Fiscal Years (Dollar amounts in thousands) 20X9 20X8 20X7 20X6 20X5 Contractually required contribution $ 2,095 $ 2,057 $ 1,969 $ 1,649 $ 1,176 Contributions in relation to the contractually required contribution (2,095) (2,057) (1,969) (1,649) (1,176) Contribution deficiency (excess) $ - $ - $ - $ - $ - City's covered-employee payroll $ 12,097 $ 10,962 $ 10,063 $ 9,634 $ 9,538 Contributions as a percentage of coveredemployee payroll 17.32% 18.76% 19.57% 17.11% 12.33% Note: Only 5 years are presented here; 10 years of information will be required 47

48 Potential New Pension Ratios All contributions Service cost (109, ,119) 101,695 = % All contributions (Service cost + interest) (109, ,119) (101, ,141) = 48.27% (All contributions + net investment income) (Service cost + interest) (109, , ,273) (101, ,141) = % 48

49 Potential New Pension Ratios All contributions Service cost (107, ,344) 100,317 = % All contributions Service cost (105, ,949) 103,471 = % All contributions (Service cost + interest) (107, ,344) (100, ,193) = 49.25% All contributions (Service cost + interest) (105, ,949) (103, ,491) = 52.87% (All contributions + net investment income) (Service cost + interest) (107, , ,235) (100, ,193) = 74.99% (All contributions + net investment income) (Service cost + interest) (105, ,949 30,957) (103, ,491) = 41.70% 49

50 Potential Pension Ratios Ratio 20X9 20X8 20X7 Contributions Service cost % % % Contributions (Service cost + interest) 48.27% 49.25% 52.87% (Contributions + net investment income) (Service cost + interest) % 74.99% 41.70% 50

51 Forthcoming Proposal: Tax Abatement Disclosures 51

52 Project Timeline Pre-agenda research - Initiated April 2013 Active agenda project - Initiated December Exposure Draft expected October 2014 (90-day comment period) - Final Statement expected August

53 Tentative Definition and Scope For financial reporting purposes, a tax abatement results from an agreement between one or more governmental entities and a taxpayer in which (a) one or more governmental entities promise to forgo revenues from taxes for which the taxpayer otherwise would have been obligated and (b) the taxpayer promises to take a specific action that contributes to economic development or otherwise benefits the government(s) or its citizens. A tax abatement results from an agreement entered into prior to the taxpayer performing the specific action. 53

54 Tentative Disclosures General descriptive information: - Name and purpose of the program and the taxes being abated - The authority under which taxes are abated - The criteria, if any, that make a recipient eligible - The mechanism for abating taxes (form and calculation) - The number of abatements granted during the reporting period and the number outstanding as of the date of the financials Amount of tax abated in the current year Other commitments made by governments Commitments made by recipients of tax abatements Provisions for recapturing abated taxes 54

55 Disclosures Considered but Tentatively Rejected Name of the tax abatement recipient Duration of the tax abatement Amount of tax to be abated in future years under agreements in place at the end of the fiscal year Recipient compliance with commitments 55

56 General Disclosure Principles For all tax abatements, a reporting government would disclose its own tax abatements separately from those entered into by other governments Governments would be given the option to disclose abatements either individually or in the aggregate The reporting government could disclose its own tax abatements by major program and those of other governments aggregated in total Disclosure would commence in the period in which a tax abatement agreement is entered into and continue until the tax abatement agreement expires, unless otherwise specified 56

57 Forthcoming Proposal: Leases 57

58 Teaching Opportunities Nature of a long-term liability Off-balance-sheet financing The effect of accounting standards on the structure of financial transactions 58

59 Leases Project Background Objective reexamine issues associated with lease accounting - FASB/IASB project - Issuance of concepts statements - Evaluate standards that have been in effect for a sufficient length of time Research project initiated April 2011 Current agenda project added April Preliminary Views expected to be issued for public comment in November Public hearings in April

60 Leases Project Tentative Board Decisions Definition - A contract that conveys the right to use an asset (the underlying asset) for a period of time in an exchange or exchange-like transaction. Scope - Continue to include contracts not identified as leases but that meet the definition - Continue existing scope exclusions - New scope exception for biological assets, including timber Single model - No classification of leases into operating/capital or other categories - Exception for short-term leases - Underlying assumption that leases are financings 60

61 Summary of Major Tentative Decisions Leases are generally viewed as financings Lessee recognizes an intangible asset for the right to use the underlying asset and a long-term liability for future payments Lessor recognizes a receivable for future receipts and a deferred inflow of resources; continues to report the underlying asset 61

62 Forthcoming Proposal: Fiduciary Responsibilities 62

63 Project Objectives Primary Objective - Develop guidance regarding the application of fiduciary responsibility criteria in deciding whether and how governments should report fiduciary activities in GPEFRs Other Objectives - Assessing whether additional guidance should be developed to: Clarify the difference between a private-purpose trust fund and an agency fund Clarify whether a stand-alone business-type activity engaging in fiduciary activities should present fund financial statements Consider requiring a combining statement of changes in assets and liabilities for agency funds 63

64 Summary of Major Tentative Decisions A government is a fiduciary when it controls assets - (1) in accordance with a trust agreement or equivalent arrangement in which the beneficiaries are (a) employees of the financial reporting entity, or (b) individuals that are not required to be part of the citizenry as a condition for receiving resources, or organizations or other governments that are not part of the financial reporting entity, or - (2) outside of a trust agreement or equivalent arrangement and (a) the beneficiaries are individuals that are not required to be part of the citizenry as a condition for receiving resources, or other organizations or other governments that are not part of the financial reporting entity, or (b) for which it does not have administrative or direct financial involvement. A government (including BTAs) has a fiduciary responsibility for financial reporting purposes if it meets the definition of a fiduciary 64

65 Summary of Major Tentative Decisions Fiduciary activities would continue to be reported in the basic financial statements Pension (and other employee benefit) trust funds, investment trust funds, and private-purpose trust funds of governments meeting the proposed definition of a fiduciary would continue to be reported as fiduciary funds The classification of fiduciary activities would be determined by the presence or the lack of presence of a trust agreement or equivalent arrangement 65

66 Summary of Major Tentative Decisions A new fund type would be established custodial funds - Funds previously classified as agency funds - Some of the trust funds for which there is no trust agreement or equivalent arrangement Reclassification of funds currently reported as trust funds, but which do not have a trust agreement or equivalent arrangement: - If the government s activity in that fund meets the definition of a fiduciary, report as a custodial fund - If the government s activity in that fund does not meet the definition of a fiduciary, report with the government s assets 66

67 Dean Michael Mead Dean Mead is Research Manager at the GASB, overseeing the GASB s research agenda, managing external research, interfacing with the academic community, and coordinating constituent outreach. Dean is an adjunct member of the accounting faculty at Rutgers Business School, where he teaches governmental accounting & auditing, governmental financial analysis, and advanced topics in governmental accounting. He is a member of the Association for Budgeting and Financial Management, American Accounting Association, National Federation of Municipal Analysts, Municipal Analysts Group of New York, Association of Government Accountants, Governmental Research Association, and other organizations. He serves on the editorial boards of Public Budgeting & Finance and Journal of Governmental Financial Management. Dean is the author of the GASB s User Guide Series. He has published articles in journals such as Public Budgeting & Finance, Journal of Policy Analysis and Management, State and Local Government Review, Journal of Public Health Management and Practice, and Journal of Government Financial Management. He has recently contributed chapters to The Handbook of Municipal Bonds, Handbook of Local Government Fiscal Health, Management Policies in Local Government Finance, and Public Financial Management. 67

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69 Website Resources Meeting the needs of constituents is one of the GASB s key goals. In support of this goal, the GASB makes a variety of resources available through its website, including up-to-date information and resources addressing: Current projects Recent proposals and final pronouncements Free copies of proposals and final pronouncements A free view of the GASB Codification Educational resources Resources for users. 69

70 Plain-Language Materials The GASB is committed to communicating in plain language with constituents about its standards and standards-setting activities. Key major proposals may be accompanied by a supplement that explains the document using a minimum of technical language. Plain-language articles typically accompany major proposals and final Statements. 70

71 The Updated and Expanded GASB User Guide Series What You Should Know about Your Local Government s Finances What You Should Know about Your School District s Finances An Analyst s Guide to Government Financial Statements now available What You Should Know about the Finances of Your Government s Business-Type Activities 71

72 GASB Project Managers Needed The GASB is looking for knowledgeable and talented persons to fill openings as project managers the staff who lead a standards-setting project team from initial research to final publication of a pronouncement A candidate should: - Be a CPA (or equivalent) with at least 10 years experience (preferably in public accounting or government) - Possess excellent communication and analytical skills - Have experience managing projects, overseeing a project team, and making presentations - Be open-minded, eager to learn, and collegial Interested? Know someone who would be a great prospect? - (look under About Us ) 72