What is the GASAC?
The Governmental Accounting Standards Advisory Council (GASAC) is responsible for consulting with the Government Accounting Standards Board (GASB) on technical issues on the board's agenda, project priorities, matters likely to require the attention of the GASB, selection and organization of task forces, and such other matters as may be requested by the GASB or its chairman. The GASAC also is responsible for helping to develop the GASB's annual budget and aiding the Financial Accounting Foundation in raising funds for the Board. The Council has more than 25 members who are broadly representative of preparers, attestors and users of financial information.
GASAC and NCSL
NCSL appoints a representative to attend the three annual meetings of the GASAC and to share the perspective of NCSL and state legislatures with the Board. The current NCSL representative is Stephen Klein, the Chief Fiscal Officer for the Vermont Legislative Joint Fiscal Office. Steve attended the latest GASAC meeting on March 11-12, 2014 in Reno, Nev.. Download Steve's memo of meeting highlights and discussions below.
GASAC Meeting Memorandum (March 11-12, 2014)
On Thursday, July 17, from 1:00 to 2:00 pm EDT, the Governmental Accounting Standards Board (GASB) will be conducting a free webinar regarding its recent proposal for how state and local governments should measure, apply, and disclose the fair value of assets and liabilities.
The webinar is specifically intended for municipal bond analysts, legislative fiscal staff, citizen groups, and other users of governmental financial information. The presenters will explain the key parts of the proposal, the rreasons why the Board is making the proposal, and the effect on the information that governments will report in their audited annual financial reports.
The webinar will be followed by a brief survey that will allow users of financial information to express their views on the fair value proposal directly to the GASB members.
The webinar is free. You can find more information about the webinar and register to attend by clicking here.
The GASB also has prepared a plain-language article about the fair value proposal especially for users of financial information. The GASB recommends reviewing the article prior to the webinar..
The proposal, Fair Value Measurement and Application, can be downloaded free from the GASB website as well.