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FAF completes post-implementation review of GASB’s guidance on nonexchange transactions

  • FAF (US Financial Accounting Foundation)  Image
  • GASB (Governmental Accounting Standards Board) (blue) Image

Nov 18, 2015

The FAF has released a post-implementation review (PIR) report on GASB Statements No. 33, “Accounting and Financial Reporting for Nonexchange Transactions,” and No. 36, “Recipient Reporting for Certain Shared Nonexchange Revenues.”

The PIR report concluded that Statements 33 and 36 had achieved their objectives. Specific findings noted by the PIR team included the following:

  • Creditors and other financial statement users had received helpful information about nonexchange transactions (i.e., “common governmental transactions in which there is no equal exchange of resources”) as a result of the application of the two standards.
  • The standards contain information that is generally comprehensible and reliable and that “can be applied as intended.”
  • The standards have “achieved their expected benefits” without resulting in significant “implementation and ongoing application costs.”

For more in­for­ma­tion, see the press release and PIR report on the FAF’s Web site.

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