Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements

The Governmental Accounting Standards Board (GASB) recently issued an Exposure Draft of a proposed Statement, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This proposed Statement would incorporate into the GASB’s authoritative literature the applicable guidance previously presented in the following pronouncements issued before November 30, 1989:

• Financial Accounting Standards Board (FASB) Statements and Interpretations
• Accounting Principles Board Opinions
• Accounting Research Bulletins of the AICPA’s Committee on Accounting Procedure

Incorporating and maintaining this guidance in a single source would eliminate the need for financial statement preparers and auditors to determine which FASB and AICPA pronouncement provisions apply to state and local governments.  The proposed Statement is available for comment until July 31, 2010 at