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GASB issues two preliminary views

  • GASB document Image

Nov 21, 2014

The GASB has issued for public comment preliminary views documents on (1) leases and (2) fiduciary responsibilities. The Board is issuing the documents to obtain feedback from stakeholders before drafting more detailed proposals.

Preliminary views on leases

This document contains proposals for “how leases would be presented in the financial statements and essential information related to leases that governments would disclose in the notes.” Specifically, the proposal would require government lessors and lessees to report certain information in their financial statements “for all leases except short-term leases (12 months or less).”

For more information, see the press release, GASB in Focus newsletter, and preliminary views on the GASB’s Web site.

Preliminary views on financial reporting for fiduciary responsibilities

This document would improve financial reporting related to fiduciary responsibilities by:

  • “Defining when a government has a fiduciary responsibility and, therefore, is required to present fiduciary fund financial statements.”
  • “Clarifying financial reporting requirements for fiduciary responsibilities, including a requirement for business-type activities that serve in a fiduciary capacity.”
  • “Introducing the use of a financial statement that reports the inflows and outflows of resources for all fiduciary fund types.”

For more information, see the press release and preliminary views on the GASB’s Web site.

Next Steps

Comments on both preliminary views documents are due by March 6, 2015. In addition, the GASB will hold a public hearing on April 8–10, 2015, to discuss the preliminary views.

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