The Government Accounting Standards Board (GASB) issued Statement No. 80, Blending Requirements for Certain Component Units on February 11, 2016. Statement No. 80, an amendment of GASB Statement No. 14, requires that state and local governments include in the reporting unit’s financial statements those component units organized as not-for-profit corporations in which the government is the sole corporate member.
According to the GASB Website, “The objective of this Statement is to improve financial reporting by clarifying the financial statement presentation requirements for certain component units.”