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Statement No. 1
Authoritative Status of NCGA Pronouncements and AICPA Industry Audit Guide
STATUS
Issue Date: July 1984
Effective Date: On issuance in July 1984
Affects: Continues the following pronouncements in force until altered, amended, supplemented, revoked, or superseded by subsequent GASB pronouncements (except to the extent previously superseded or incorporated in other pronouncements):
NCGAS 1, 2, 3, 4, 5, 6, and 7
NCGAI 2, 3, 5, 6, 7, 8 (but supersedes paragraph 16 and fn7), 9, 10, and 11
NCGACS 1
AICPA Industry Audit Guide, "Audits of State and Local Governmental Units" (1974)
AICPA SOPs 75-3, 77-2, 78-7, and 80-2
Affected by: Paragraph 9 amended by GASBS 25 and will be superseded by GASBS 27. Certain NCGA and AICPA pronouncements continued in force (as listed in paragraph 12) have been amended or superseded by GASB pronouncements issued after GASBS 1. See individual pronouncements.
Appendix B modified by Jurisdiction Determination of the Financial Accounting Foundation Trustees, dated November 30, 1989.
See OP Appendix C, paragraphs 10 and 11.
Primary Codification Section References: Throughout
Abbreviations for Accounting Pronouncements
GASBS - GASB Statements
GASBI - GASB Interpretations
GASBTB - GASB Technical Bulletins
GASBCS - GASB Concepts
BFC - Basis for Conclusions
NCGAS - NCGA Statements
NCGAI - NCGA Interpretations
SOP - AICPA Statements of Position
ASLGU - AICPA Audit Guide
SUMMARY
This Statement sets forth the authoritative status of the National Council on Governmental Accounting (NCGA) Statements and Interpretations and of the accounting and financial reporting guidance contained in the Industry Audit Guide,
Audits of State and Local Governmental Units, issued by the American Institute of Certified Public Accountants (AICPA) in 1974, as amended by certain Statements of Position.
All NCGA pronouncements previously issued and in effect as of the date of this Statement and the currently effective accounting and financial reporting guidance contained in the AICPA Industry Audit Guide are continued in force until altered, amended, supplemented, revoked, or superseded by a subsequent GASB pronouncement. The specific pronouncements covered by this Statement are identified in Appendix A.
This Statement also identifies those pronouncements concerning pension accounting and financial reporting that the GASB considers as sources of acceptable accounting and reporting principles for public employee retirement systems (PERS) and state and local government employers, pending issuance by the GASB of a Statement or Statements on that subject.
Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission.
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