Summary of Interpretation No. 3
Interpretation No. 3
Financial Reporting for Reverse Repurchase Agreements—an interpretation of GASB Statement No. 3
This Interpretation clarifies the reporting requirements for reverse repurchase and fixed-coupon reverse repurchase agreements (together referred to as "reverse repurchase agreements"). It provides guidance for reporting reverse repurchase agreement balances and transactions among participating funds in investment pools and for disclosing whether the maturities of the investments made with the proceeds of the agreements generally match the maturities of the agreements.
The provisions of this Interpretation are effective for financial statements for periods beginning after December 15, 1995. Earlier application is encouraged.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraph 2 discusses the applicability of this Interpretation.