Marcy Twyman

Marcy Twyman, Managing Shareholder Crawford & Associates, P.C.

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GASB Statement No. 76

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It’s that time of year when many people take vacations.  Mine is next week as a matter of fact.  But there’s no vacation for the Governmental Accounting Standards Board.  They are still hard at work.  Another accounting standard was approved in June that simplifies the “ladder of importance” of GAAP (generally accepted accounting principles) for governments.  GASB Statement No. 76 – The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments basically reduces the categories of authoritative GAAP from four down to two.  Those two categories are:  1)  GASB Statements and 2) GASB Technical Bulletins, GASB Implementation Guides, and AICPA guidance that is cleared by GASB.  Also, Statement No. 76 discusses what to do when a particular issue is not covered by those two categories of authoritative GAAP.  You can download this standard, as well as the other standards adopted in June, on GASB’s website:  www.gasb.org.  I already have my copy.  Be back in a week to read it—after vacation, of course.    

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Marcy Twyman is a Certified Public Accountant that joined Crawford & Associates in March 2002 and became a shareholder in 2004. Before coming to the firm, Marcy was Finance Director at the City of Guymon, Oklahoma for 11 years. Marcy was key in the City of Guymon being recognized as the first city in the United States to implement GASB 34. She was recognized as the 2000 Outstanding CPA in Business and Industry by the Oklahoma Society of CPAs.

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