GASB Creates Single Source Pronouncement for Governmental Entities

Changes to Capitalized Interest Reporting Requires Retro-Active Adjustment
Distributed by the California Community Colleges Chancellor’s Office (via List Serve), September 2012
The Governmental Accounting Standards Board (GASB) has issued a pronouncement aimed at simplifying the research process for governmental entities and their auditors. Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements, incorporates guidelines applicable to governmental entities from all sources of generally accepted accounting principles and combines them into one source…

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