Comment Deadlines Approaching for GASB Proposals
on
External Investment Pools and Irrevocable Split-Interest
Agreements
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.
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 director@gasb.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 http://www.gasb.org/.