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These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). state and local governments that follow Generally Accepted Accounting Principles (GAAP). For more information, visit About the Governmental Accounting Standards BoardĮstablished in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S.

The FASB and GASB establish and improve financial accounting and reporting standards-known as Generally Accepted Accounting Principles, or GAAP-for public and private companies, not-for-profit organizations, and state and local governments in the United States. The next PIR of a GASB standard will not be conducted for a few years, as the PIR team has completed all the reviews of significant GASB standards that have been effective for at least two years.įor more information on the PIR process, visit the FAF website.Ībout the Financial Accounting FoundationĮstablished in 1972, the Financial Accounting Foundation (FAF) is the independent, private-sector, not-for-profit organization based in Norwalk, Connecticut responsible for the oversight, administration, financing, and appointment of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB). The GASB’s response letter to the report is available here. The team’s formal report is available here. The review of Statement 54 was undertaken by an independent team of the FAF, the parent organization of the GASB and the Financial Accounting Standards Board (FASB). The PIR team’s review did not result in any standard-setting process recommendations for the GASB.

Overall, Statement 54 achieved its expected benefits.

Overall, implementation and continuing application costs associated with Statement 54 were not significant and were consistent with the GASB’s expectations.

There were no significant unanticipated consequences as a result of the adoption of Statement 54.

The changes made to financial and operating practices as a result of Statement 54 were not significant or unexpected.

Overall, Statement 54 is operational because it is understandable, can be applied as intended, and enables fund balance and governmental fund type information to be reported reliably.

Statement 54 provides users of financial statements with decision-useful information.

Although some stakeholders have indicated that it is difficult to distinguish between committed and assigned fund balances, the Statement was an improvement over prior literature.

Overall, Statement 54 resolved the primary issues underlying its stated need-it introduced fund balance classifications that are easier to understand and clarified fund type definitions.

Based on its research, the review team concluded that: The PIR team received broad-based input from GASB stakeholders including auditors, preparers, financial statement users, and academics. “On behalf of the GASB, I would like to thank the Foundation for undertaking this important process and all of the individuals and organizations who gave their time to share their insights and experiences with the PIR staff.”

Vaudt in the Board’s response to the PIR report. “The PIR process has provided some important stakeholder feedback on the benefits and costs of Statement 54 in light of actual experience in using and preparing the information,” said GASB Chairman David A. GASB Statement 54 was issued in 2009 to improve the usefulness of information provided to financial report users about fund balance by providing clearer, more structured fund balance classifications, and by clarifying the definitions of existing governmental fund types. 54, Fund Balance Reporting and Governmental Fund Type Definitions, addresses technical, operational, and cost-effectiveness aspects of the Statement. The Post-Implementation Review (PIR) Report on Governmental Accounting Standards Board (GASB) Statement No. Norwalk, CT-November 16, 2016-The accounting and financial reporting standard for state and local governments that addresses fund balance reporting and governmental fund type definitions achieves its purpose, according to a report issued today by the Financial Accounting Foundation (FAF). ON FUND BALANCE REPORTING ACHIEVES ITS PURPOSE POST-IMPLEMENTATION REVIEW CONCLUDES GASB STANDARD