MEDIA ADVISORY 02/29/12

March 16 is the Deadline for Comment on GASB's Proposed Reporting of Financial Projections for Assessing Economic Condition of Governments

Norwalk, CT, February 29, 2012—Parties interested in submitting written comments or participating in public hearings on the Governmental Accounting Standards Board (GASB) Preliminary Views, Economic Condition Reporting: Financial Projections, should file comment letters or register to participate at the hearings by Friday, March 16, 2012.

The Preliminary Views proposes that state and local governments should present five-year projections of cash inflows, cash outflows, and financial obligations that would accompany their financial statements as required supplementary information. It also proposes a narrative discussion of major intergovernmental service interdependencies be included. The objective of these proposals to include such forward-looking information is to better enable taxpayers, bond holders, and other interested parties to assess a government's financial health and its fiscal sustainability.

Submit Comment Letters

Individuals and organizations are urged to review the Preliminary Views and provide written comments by the March 16, 2012 deadline. Comments should be addressed to the Director of Research and Technical Activities, Project No. 13-3, and emailed to director@gasb.org or mailed to the following address:

Governmental Accounting Standards Board
401 Merritt 7
P.O. Box 5116
Norwalk, CT 06856-5116

Public Hearings

The GASB will also host two public hearings to obtain feedback on the Preliminary Views from interested individuals and organizations:

March 29, 2012, 8:30 a.m. PDT, at the Courtyard by Marriott/LAX Century Boulevard, 6161 W. Century Boulevard, Los Angeles, CA
April 17, 2012, 8:30 a.m. EDT, at the LaGuardia Plaza Hotel, 104-04 Ditmars Boulevard, East Elmhurst, New York.

The deadline for written notice of intent to participate in the public hearings is also March 16, 2012. Instructions for registering to participate in the hearings can be found in the front of the Preliminary Views.

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.