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GASB issues three exposure drafts

  • GASB document Image

Dec 22, 2015

The GASB has issued for public comment three exposure drafts (EDs), (1) “Fiduciary Activities,” (2) “Certain Asset Retirement Obligations,” and (3) “Pension Issues.”

According to the press release on the GASB’s Web site:

  • The ED on fiduciary activities “would establish guidance regarding what constitutes fiduciary activities for financial reporting purposes, the recognition of liabilities to beneficiaries, and how fiduciary activities should be reported. The proposed Statement would apply to all state and local governments.” Comments are due by March 31, 2016.
  • The ED on certain asset retirement obligations “would establish guidance for determining the timing and pattern of recognition for liabilities related to asset retirement obligations and corresponding deferred outflows of resources. An asset retirement obligation is a legally enforceable liability associated with the retirement of a tangible capital asset, such as the decommissioning of a nuclear reactor.” Comments are due by March 31, 2016.
  • The ED on pension issues “addresses practice issues raised by stakeholders during the implementation of Statements No. 67, Financial Reporting for Pension Plans, and No. 68, Accounting and Financial Reporting for Pensions.” Comments are due by February 12, 2016.

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