Status of Statement No. 70

Statement No. 70
Accounting and Financial Reporting for Nonexchange Financial Guarantees


Status

Issued: April 2013

Effective date:

  • For reporting periods beginning after June 15, 2013
Affects:

  • Amends NCGAS 4, ¶9
  • Amends GASBS 10, ¶3
  • Amends GASBS 33, ¶5
  • Amends GASBS 62, ¶98, ¶99, ¶109, ¶110, ¶124, and fn38
Affected by:

  • Paragraph 5 amended by GASBS 91, ¶4
Other Interpretive Literature:

  • GASBTB 2020-1 (Provides guidance on ¶12)
  • GASBIG 2016-1
Primary Codification Section Reference: N30

Abbreviations for Accounting Pronouncements

GASBS - GASB Statements
GASBCS - GASB Concepts
GASBI - GASB Interpretations
GASBTB - GASB Technical Bulletins
GASBIG - GASB Implementation Guides		 NCGAS - NCGA Statements
NCGAI - NCGA Interpretations
AICPA SOP - AICPA Statements of Position
AICPA ASLGU - AICPA Audit Guide (1974)
BFC - Basis For Conclusions
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