SCEDA hosts forum to discuss new financial statement reporting standards

The South Carolina Economic Developers' Association (SCEDA) hosted a forum in Columbia recently to help the area's accountants, attorneys, city and county staff, state officials and economic development experts learn about GASB 77, a measure that changes the way governments must record tax abatements on financial statements.

GASB 77 was developed by the Government Accounting Standards Board. The measure, which mandates that governments include in their financial statements any economic development incentives that would effect the ability to generate revenue, will take effect for reporting periods beginning after December 15.

“SCEDA is proud to provide the forum on this important issue,"  SCEDA Board President David Cuda said. "This was a good opportunity to bring all relevant stakeholders to share their respective issues as it relates to the implementation of GASB 77. It is clear that a lot of work will need to be done for communities to be compliant.”

Richard Eckstrom, State Comptroller General, said the new standard was a good thing because it would lead to better government transparency, even though it will require more adminstrative effort.

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