In a time of volatile energy prices and economic uncertainty, the Governmental Accounting Standards Board has issued a standard that should allow state and local governments to more easily use derivative financial instruments to hedge against changes in prices and interest rates.
GASB Statement 53, Accounting and Financial Reporting for Derivative Instruments, establishes rules for long-needed consistency in reporting on derivatives. It requires governments to report most derivatives at fair value in financial statements prepared on an accrual basis and using the economic resources measurement focus.
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