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GASB issues guidance on irrevocable split-interest agreements

  • GASB document Image

Mar 29, 2016

The GASB has issued Statement No. 81, “Irrevocable Split-Interest Agreements.”

The primary goals of State­ment 81 are “to improve accounting and financial reporting by establishing recognition and measurement requirements for irrevocable split-interest agreements created through trusts [and] to enhance the transparency and decision-usefulness of general purpose external financial reports, and their value for assessing accountability, by more clearly identifying resources that are available to a government.”

State­ment 81 applies to all state and local gov­ern­ments and is ef­fec­tive for re­port­ing periods be­gin­ning after December 15, 2016. Early ap­pli­ca­tion is en­cour­aged.

For more in­for­ma­tion, see the press release and State­ment 81 on the GASB’s Web site.

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