What has changed since the 2020 GAAFR?
View the bullets below for more information about updates to the 2024 GAAFR.
- Updates for 10 GASB Statements issued since the 2020 GAAFR, including: Subscription-Based Information Technology Arrangements (SBITAs), Public-Private and Public-Public Partnerships and Availability Payment Arrangements (PPPs), Accounting Changes and Error Corrections, and Compensated Absences
- New chapter dedicated to leases, SBITAs, and PPPs (Chapter 26) with expanded discussion of the accounting for each arrangement, including determining the terms (length) of the agreements and measuring assets, liabilities, deferred inflows and outflows of resources, and inflows and outflows of resources recognized for each type of arrangement
- A new chapter on the internal control component Information and Communication (Chapter 42)
- A new discussion of pledged revenues not received by the pledging government has been added to Chapter 28
- Enhanced anticipation notes (RANs, TANs, and BANs) discussion in Chapter 12
- Discussion on the new independent auditor’s report on the financial statements
- Chapter 20 on postemployment benefits reorganized to reflect the various types of postemployment benefit plans; relocated and expanded note disclosure content to include all requirements for all types of trusted defined benefit plans, all non-trusted defined benefit and defined contribution plans, and nonemployer contributors; and added accounting and financial reporting for nongovernmental cost-sharing pension plans
- Continued use of illustrative journal entries, including for leases (lessor and lessee), government as an operator in a PPP, pension and OPEB, defeasances using existing resources, irrevocable split-interest agreements