The Governmental Accounting Standards Board has issued a new standard aimed at improving how state and local governments report information about derivative instruments in their financial statements.
GASB Statement No. 53, "Accounting and Financial Reporting for Derivative Instruments," covers the financial arrangements that governments use to manage specific risks or make investments. Statement 53 requires governments to measure most derivative instruments at fair value in their financial statements that are prepared using the economic resources measurement focus and the accrual basis of accounting.
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