Why did GASB take so long?
GASB was formed in 1984 and GASB 34 and 35 were issued in 1999 – 15 years later. So what took so long? Basically GASB was very controversial with multiple due diligence documents; and it couldn’t be decided whether to scrap fund accounting and use financials statements similar to commercial entities. This video provides a brief overview and history of GASB, GASB34 and GASB 35.
Warren Ruppel, CPA
Marks Paneth LLP
- Managing Director with CBIZ Marks Paneth, part of a Top Ten accounting firm
- Author of CCH’s Knowledge-Based Audits of Not-for-Profit Organizations; Wiley’s Not-for-Profit Accounting Made Easy; and Not-for-Profit Audit Committee Best Practices
- Formerly the assistant comptroller of accounting for the city of New York, with overall responsibility for the city’s accounting and financial reporting
- Earlier in career with KPMG and Deloitte & Touche, serving numerous public sector not-for-profit and government audit clients
- Former board member and chair of the audit committee of the New York State Society of CPAs
- Appears quarterly as the government specialist on the CPA report distributed by SmartPros
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