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by Romulus C. Comly   In its ongoing effort to increase transparency, the Governmental Accounting Standards Board (GASB) earlier this year said that the interest cost incurred before the end of a construction period should be recognized as an expense in the reporting period it occurs. GASB 89 specifically impacts the reporting for construction borrowing […]

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New financial reporting requirements are adding an extra wrinkle for school districts and local governments for leasing common items like classroom smart boards and student iPads to big-ticket items like modular classrooms or office space. Soon these leases – with few exceptions — will need to be reported on the front of balance sheets along with all other debts and liabilities.

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