NACUBO Raises Concerns With Proposed Rules on Financial Responsibility, Transcript Holds, and More
In a letter to the Department of Education, we highlighted proposals that go beyond generally accepted accounting principles, concerns regarding new reporting mandates, and more.
GASB Sunsets Use of LIBOR as Derivative Reference Rate
As of July 1, LIBOR is no longer being published by the ICE Benchmark Administration so, GASB no longer considers LIBOR to be an appropriate benchmark interest rate for derivative instruments.
FASB Issues Concepts Chapter on Recognition and Derecognition
The updated conceptual framework chapter addresses when an item should be included in or removed from financial statements.