LGC Provides Guidance on GASB 63 & 65 Implementation

On March 13th, the NC Local Government Commission issued a Memo providing guidance to Municipalities and Counties with respect to implementing changes and requirements to financial statements in association with the application of Statements 63 and 65 of the Governmental Accounting Standards Board (GASB).

The Governmental Accounting Standards Board (GASB) has issued GASB Statement No. 63: Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. This statement is effective for fiscal periods that begin after December 15, 2011, meaning the fiscal year ending June 30, 2013 for most North Carolina governments. GASB Statement No. 65: Items Previously Reported as Assets and Liabilities, is effective for fiscal periods beginning after December 15, 2012, meaning fiscal year ending June 30, 2014 for most North Carolina local governments. However, since GASB Statement No. 65 is so closely related to GASB Statement 63, we are recommending implementation for both as of June 30, 2013. GASB Statement No. 63 essentially replaces the Net Asset Statement with a Statement of Net Position  and discusses various reporting issues. GASB Statement No. 65 provides specific guidance on when transactions will be classified as deferred outflows or inflows and reclassifies certain assets and liabilities as revenue and expenditures

Click Here to Read & Download This LGC Memo