The Governmental Accounting Standards Board said the deadline is approaching for comments on two of its proposed changes in standards for external investment pools and irrevocable split-interest agreements.
The first exposure draft, Accounting and Financial Reporting for Certain External Investment Pools, would permit qualifying external investment pools to measure pool investments at amortized cost for financial reporting purposes. Reporting under the amortized cost basis reflects investment cost and adjustments made for premiums or discounts associated with the purchase price of the underlying investments in the pool. GASB is encouraging stakeholders to review and provide comments on the proposal by Aug. 31, 2015.
The other exposure draft, Accounting and Financial Reporting for Irrevocable Split-Interest Agreements, proposes recognition and measurement guidance for state and local governments that benefit from irrevocable split-interest agreements. The proposal addresses when these types of arrangements constitute an asset for accounting and financial reporting purposes in cases where the resources are administered by a third party. The proposal also seeks input on expanded guidance for irrevocable split-interest agreements in which the government holds the assets. GASB is asking stakeholders are encouraged to review the proposal and provide comments by Sept. 18, 2015.
To submit a comment letter on a GASB project, include the project number (Certain External Investment Pools Project No. 3-29E; Irrevocable Split-Interest Agreements Project No. 3-26E) when emailing email@example.com or submitting in writing to:
Governmental Accounting Standards Board
401 Merritt 7
PO Box 5116
Norwalk, CT 06856-5116
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