GASB Seeks Input on Financial Guarantees
June 13, 2011
The Governmental Accounting Standards Board (GASB) has developed a survey to help assess the level and type of financial guarantees made and received by state and local governments. The GASB's objective is to establish clear and consistent recognition and disclosure requirements. Preliminary research conducted by the GASB indicates that numerous types of state and local government entities issue and receive financial guarantees, including public institutions that engage in business type activities, special purpose governments, and general purpose governments.
The current economic climate has given rise to a level of financial stress that has impacted many entities and resulted in financial guarantees made or received in the past now coming to light. Although the GASB believes that the vast majority of such guarantees are primarily associated with commitments to ensure payments on debt, the Board is asking that preparers of financial statements assist this effort by completing a survey on the topic.
NACUBO urges public institutions to take a few minutes to complete the GASB survey.
If you have any questions about the survey, please contact Scott Reeser, Project Manager, at (203) 956-3448 or at email@example.com.
Director, Accounting Policy
- Affordable Care Act: Final Rules on Coverage for Adjuncts and Students
- Administrative Jobs and Benefits Costs Drive Higher Ed Labor Costs
- OMB Super Circular Makes Changes to Audit Requirements
- 2014 Higher Education Accounting Forum
April 27-29, 2014
- ON-DEMAND: Understanding the Results of the 2013 NACUBO-Commonfund Study of Endowments, and a Look to 2014 and Beyond
- ON-DEMAND: How Behavioral Changes Helped Cut Energy Usage in Half
- ON-DEMAND: Developing a Market-Informed Approach to Tuition Pricing
- ON-DEMAND: Responsibility Center Management: The Process Necessary to Complete a Successful Implementation
- ON-DEMAND: OD: Responsibility Center Management: How Innovations Have Changed the Nature of RCM
- A Guide to College and University Budgeting: Foundations for Institutional Effectiveness, 4th ed. - by Larry Goldstein
- NACUBO's Guide to Unitizing Investment Pools - by Mary S. Wheeler
- Managing and Collecting Student Accounts and Loans - by David R. Glezerman and Dennis DeSantis