GASB Issued Statement 62

GASB issued Statement 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This statement is intended to enhance the usefulness of its Codification by incorporating guidance that previously could only be found in certain FASB and AICPA pronouncements.

The Statement incorporates into the GASB's authoritative literature the applicable guidance previously presented in the following pronouncements issued before November 30, 1989.

• FASB Statements and Interpretations
• Accounting Principles Board Opinions
• Accounting Research Bulletins of the AICPA's Committee on Accounting Procedure

By incorporating and maintaining this guidance in a single source, the Statement reduces the complexity of locating and using authoritative literature needed to prepare state and local government financial reports. It improves financial reporting by eliminating the need for financial statement preparers and auditors to determine which FASB and AICPA pronouncement provisions apply to state and local governments, thereby resulting in a more consistent application of relevant guidance in financial statements of state and local governments. Finally, it contributes to the GASB's efforts to codify all sources of GAAP for state and local governments so that they can be found within a single source.

The requirements of Statement 62 are effective for financial statement periods beginning after December 15, 2011.