New rules by the nonprofit Governmental Accounting Standards Board [GASB] “can encourage local governments to be more transparent regarding their tax abatements,” says a report by Policy Matters Ohio, according to a recent...more
What is GASB 77 and why does it exist? GASB 77 is an accounting pronouncement applicable to the financial statements of state and local governments. In order for their financial statements to be prepared in accordance with...more
State and local governmental entities (“Governments”) nationwide will soon face new financial statement disclosure requirements regarding existing tax incentive agreements. While the GASB encourages Governments to begin...more
On August 15, 2015, the Government Accounting Standards Board (GASB) issued Statement No. 77 (the “Tax Abatement Standard”) concerning financial reporting of tax abatements and other economic development incentives that...more
Earlier this month, the Governmental Accounting Standards Board (GASB) approved Statement No. 77, Tax Abatement Disclosures, which requires state and local governments to report on foregone revenue from tax abatement...more