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 firstname.lastname@example.org.
Director, Accounting Policy
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