Academic journal article Journal of Accountancy

GASB 11 Delayed Indefinitely

Academic journal article Journal of Accountancy

GASB 11 Delayed Indefinitely

Article excerpt

The Governmental Accounting Standards Board indefinitely delayed the effective date of its controversial Statement no. 11 on measurement focus and basis of accounting. The statement would have gone into effect for financial statements for periods beginning after June 15, 1994.

As a result of this decision, GASB issued Statement no. 17, Measurement Focus and Basis of Accounting--Governmental Fund Operating Statements: Amendment of the Effective Dates of GASB Statement no. 11 and Related Statements.

As its title implies, Statement no. 17 defers the effective date of Statement no. 11 to periods beginning approximately two years after an implementation standard is issued. It also modifies the reference in Statement no. 13, Accounting for Operating Leases with Scheduled Rent Increases, to Statement no. 1 I's effective date.

If implemented, Statement no. 11 will require governments to shift more fully to the accrual method of accounting. GASB has been trying to achieve this goal since its inception over 10 years ago, said Philip Calder, a partner of Ernst & Young, New York City. …

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