MEDIA ADVISORY 02/22/11
Deadline for Comment on GASB’s Proposed Guidance for Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position Is Friday, February 25Norwalk, CT, February 22, 2011—The deadline for submitting written comments on the Governmental Accounting Standards Board (GASB) Exposure Draft (ED), Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position, is February 25, 2011.
The ED proposes requirements for the reporting of deferred inflows of resources, deferred outflows of resources, and net position in a statement of financial position. It is designed to reduce uncertainty regarding the financial statement presentation of deferrals—transactions that have occurred in the current period but are attributable to future periods—and their effects on a government’s net position.
Because recent GASB pronouncements have either already addressed, or are expected to address, transactions requiring the use of deferrals, guidance is needed to address their presentation in financial statements.
Constituents are urged to review the ED and provide comment by the February 25 deadline. Copies of the Exposure Draft may be downloaded free of charge from www.gasb.org.
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board’s diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.