The Government Accounting Standards Board has drafted proposed standards for local government bankruptcies, and is giving interested parties until August 28 to comment.
GASB has set the same deadline for another exposure draft, this one concerning financial reporting standards related to post-employment benefits, such as retiree health insurance. Both sets of standards may be especially timely given the state of the economy and the current debate over health insurance reform.
With the current economic environment putting stress on state and local government resources, it became necessary for the GASB to address the financial reporting issues associated with local governments filing for bankruptcy protection under Chapter 9, said GASB Chairman Robert Attmore.
The exposure drafts of proposed statements are entitled, OPEB Measurements by Agent Employers and Agent Multiple-Employer Plans, and Accounting and Financial Reporting for Chapter 9 Bankruptcies. Both may be downloaded at www.gasb.org/exp.
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