| In July 1984, the Governmental Accounting Standards
Board issued Governmental Accounting Standards Board Statement 1: Authoritative Status of NCGA Pronouncements and AICPA
Industry Audit Guide.
Summary
The Statement accepted as authoritative the National Council on Governmental Accounting (NCGA) Statements and
Interpretations and 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 July 1984 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revoked, or superseded by a subsequent GASB pronouncement.
This Statement also identified those pronouncements concerning pension accounting and financial reporting that the GASB
considered 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.
Status
Effective Date
July 1984
Amends earlier standards
This Statement did not significantly amend any earlier generally accepted accounting standards. Rather, since the Governmental
Accounting Standards Board was taking on the responsibility of setting GAAP for state and local governments, this statement
defined the existing GAAP.
Amended by later statements
As a baseline, this statement has been extensivly amended by later pronouncements. Specifically, paragraph 8 was amended by
GASB 2, GASB 10, GASB 14, GASB 25, GASB 27, GASB 33, GASB 34, and GASB Concept 1. Paragraph 9 was
superseded by GASB 27. Certain NCGA and
AICPA pronouncements continued in force (as listed in ¶12) have been amended or superseded by GASB pronouncements issued after
this statement. Lastly, Appendix B was modified by Jurisdiction Determination of the Financial Accounting Foundation Trustees on November 30, 1989 in OP Appendix C.
Discussion
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