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economic development

The Abatement Statement

As of August 14, 2015, seven non-elected members of a component of a private sector, nonprofit organization, the Governmental Accounting Standards Board (“GASB”), unilaterally took a controversial action that will force changes in economic development across the nation.

GASB as of that date adopted its Statement No. 77- Tax Abatement Disclosures (the “Abatement Statement”). The Abatement Statement is effective for reporting periods beginning after December 15, 2015, but GASB encourages earlier application of it.

This White Paper examines the Abatement Statement in detail and compares its requirements to actual practices in economic development. The different abatement mechanisms that are used in Georgia and in other states are very relevant to the disclosure that has to be made, and this White Paper addresses that issue, as well.

For now, a heavy burden of interpretation rests on state and local public bodies. We can expect a great deal of activity on their part as they work to find out what is required. This White Paper “fills the gap” with its presentation on the Abatement Statement as it is now understood.

Read or Download Document

Published August 18, 2015 By Dan McRae
Filed Under: Presentations, White Papers
Tagged With: abatement, accounting, disclosure, economic development, GASB, standards

Local Authorities: Partners In Economic Development, Atlanta, July 22, 2015

Presentations

  • Sidebar Agenda
  • The Economic Development Community in Georgia
  • Development Authorities and Their Cousins (PFAs, URAs, and ETCs), Part 1
  • Development Authorities and Their Cousins (PFAs, URAs, and ETCs), Part 2
  • A House United: Unified Economic Development
  • Financing Projects with Acronyms: IDBs, NMTC, EB-5 …and More!, Part 1
  • Financing Projects with Acronyms: IDBs, NMTC, EB-5 …and More!, Part 2
  • Financing Projects with Acronyms: IDBs, NMTC, EB-5 …and More!, Part 3
  • Ethics, Liabilities, Conflict of Interest

Published July 22, 2015 By Dan McRae
Filed Under: Sidebars
Tagged With: economic development, finance, projects, sidebar

LaGrange Sidebar, April 24, 2015

Presentations

  • NMTC Carver State Bank Presentation, Robert James
  • Unified Economic Development Export Highway Presentation, Lanier Boatright
  • Financing Projects With Acronyms, Dan McRae
  • EB-5 Program, Gate Industries
  • Development Authorities Open Meetings, Ethics, Kevin Brown
  • Development Authorities: Their Pecking Order, Their Cousins, and Their Projects, Dan McRae

Published April 25, 2015 By Dan McRae
Filed Under: Sidebars
Tagged With: economic development

Dublin Sidebar, March 10, 2015

Dublin Sidebar, March 10, 2015

[Read more…] about Dublin Sidebar, March 10, 2015

Published March 12, 2015 By Dan McRae
Filed Under: Sidebars
Tagged With: economic development, incentives, ports

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