GASB Survey Evaluates Statement 33 Effectiveness
December 3, 2012
The Governmental Accounting Standards Board (GASB) is conducting a survey designed for public college and university preparers to evaluate the effectiveness of GASB Statement No. 33, "Accounting and Financial Reporting for Nonexchange Transactions." The survey includes questions about endowment, pledges, and voluntary nonexchange transactions.
Statement 33 was issued in 1998 and became effective in 2001. It addresses when to recognize assets and receivables (and liabilities and payables) associated with intergovernmental grants, taxes, and other transactions in which there is not an exchange of equal value. Your response to this survey will be very helpful to the GASB in assessing whether Statement 33 is functioning as intended, and in identifying any issues regarding nonexchange transactions that may exist in practice or are not sufficiently addressed by the statement.
Completing this survey is an opportunity for public institutions to help the GASB understand accounting and reporting issues related to endowments, endowment pledges, all other pledges, and intergovernmental financial aid grants to specific students. The most common financial aid example is the Pell Grant, a voluntary nonexchange transaction. Such transactions can come from one government to another, or to an individual.
NACUBO encourages public institutions to take the survey. Participation should not take a significant amount of time. The deadline for responding to the survey is December 31, 2012.
If you have any questions about this survey, please feel free to contact Dean Mead, GASB research manager, at firstname.lastname@example.org.
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