Media Advisory 08/24/15
Comment Deadlines Approaching for GASB Proposals on
Norwalk, CT, August 24, 2015—Parties interested in submitting written comments on the Governmental Accounting Standards Board’s proposed Statements regarding certain external investment pools and irrevocable split-interest agreements should file comment letters in the coming weeks.
External Investment Pools and Irrevocable Split-Interest Agreements
The Exposure Draft, Accounting and Financial Reporting for Certain External Investment Pools, would permit qualifying external investment pools to measure pool investments at amortized cost for financial reporting purposes. Reporting under the amortized cost basis reflects investment cost and adjustments made for premiums or discounts associated with the purchase price of the underlying investments in the pool. Stakeholders are encouraged to review and provide comments on the proposal by August 31, 2015.
The Exposure Draft, Accounting and Financial Reporting for Irrevocable Split-Interest Agreements, proposes recognition and measurement guidance for state and local governments that benefit from irrevocable split-interest agreements. The proposal addresses when these types of arrangements constitute an asset for accounting and financial reporting purposes in cases where the resources are administered by a third party. The proposal also seeks input on expanded guidance for irrevocable split-interest agreements in which the government holds the assets. Stakeholders are encouraged to review the proposal and provide comments by September 18, 2015.
To submit a comment letter on a GASB project, include the project number (Certain External Investment Pools Project No. 3-29E; Irrevocable Split-Interest Agreements Project No. 3-26E) when emailing firstname.lastname@example.org or submitting in writing to:
Governmental Accounting Standards Board
401 Merritt 7
PO Box 5116
Norwalk, CT 06856-5116
About the Governmental Accounting Standards Board
Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.