The Governmental Accounting Standards Board (GASB) adopted Statement No. 77 requiring government disclosure of tax abatements in audited financial reports for years beginning after December 15, 2015. This paper reports survey findings provided by accounting and finance professionals (practitioners) regarding their tax abatement reporting perceptions. We then review early implementation of the abatement disclosure and find the disclosed information does not meet the practitioner’s expectations. Our findings fill a gap in state and local financial reports as it appears the new disclosure requirement does not fulfill the Board’s reporting transparency expectation goals.
Document Object Identifier (DOI)
North American Business Press
Fischer, M., & Holmes, A.F. (2018). Tax abatement disclosures: An exploratory study of professional's perceptions and early disclosures of GASB statement no. 77. Journal of Applied Business and Economics, 20(8), 60-71. doi:10.33423/jabe.v20i8.212
Journal of Applied Business and Economics