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GASB response to the FAF post-implementation report on Statement 10 and 30

  • GASB (Governmental Accounting Standards Board) (blue) Image

Oct 08, 2013

The GASB has issued a response in favor of the findings of the FAF post-implementation review (PIR) report on GASB Statement No. 10, “Accounting and Financial Reporting for Risk Financing and Related Insurance Issues,” and Statement No. 30, “Risk Financing Omnibus.”

The PIR is part of the standard-setting process of evaluating an existing standard in order to observe the effectiveness of the standard in practical use. The PIR report on Statement 10 and 30 concluded that the standards adequately “resolve the issues underlying their need and provide decision-useful information about certain risk retention activities to creditors and other financial statement users; the requirements can be understood, applied as intended, and result in reliable information.”

The GASB response letter is available on the GASB Web site.

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