GASB Faces $1.9M Deficit Partly Due to Low Bond-Fee Payments

Hume, Lynn
May 2006
Bond Buyer;5/10/2006, Vol. 356 Issue 32378, p32
Trade Publication
The article reports on the problem faced by the Governmental Accounting Standards Board for the fiscal 2006 in the U.S. A maximum of 1.9 million dollar budget deficit is created due to the non-payment of state and local municipal bond issuers in addition to the enactment of the federal Sarbanes-Oxley Act which effectively dried up the contributions that the accounting firms were making to the Financial Accounting Foundation.


Related Articles

  • NASACT to Launch Effort Urging Issuers to Pay Voluntary Bond Fee. Hume, Lynn // Bond Buyer;8/25/2005, Vol. 353 Issue 32204, p1 

    Reports on the plans of the National Association of State Auditors, Comptrollers, and Treasurers to launch an effort to urge more state and local municipal bond issuers to voluntarily pay a bond fee to help fund the budget gap of the U.S. Government Accounting Standards Board. Call of the Bond...

  • public plan news. Bradford, Hazel; Greenan, Hattie; McCarthy, Lorraine; Douglas, Drew // Benefits Magazine;Dec2011, Vol. 48 Issue 12, p46 

    This section offers news briefs on U.S. public employee benefit plans. The Government Accounting Standards Board has released a draft of rules using a 30-year municipal bond rate and making unfunded pension liabilities prominent on the balance sheet. The 2011 PSCA 403(b) Plan survey showed a...

  • Muni derivatives rules high on GASB list. McDonald, Michael // Bond Buyer;07/26/99, Vol. 329 Issue 30690, p31 

    Reports on the Governmental Accounting Standards Board's review of applying additional accounting rule to the municipal bond market in the United States.

  • The Relative Influence of Fund-Based and Government-Wide Financial Information on Municipal Bond Borrowing Costs. Reck, Jacqueline L.; Wilson, Earl R. // Journal of Governmental & Non Profit Accounting;2014, Vol. 3 Issue 1, p35 

    Our study provides evidence of the association between accrual-based financial information provided by the GASB Statement No. 34 reporting model and new issue municipal bond borrowing costs. Given the controversy that surrounded the implementation of the GASB Statement No. 34 reporting model,...

  • Impact of GASB's new pension rules on government bond ratings. LASEE, MARK; LIEBERMAN, MARC // Pensions & Investments;4/14/2014, Vol. 42 Issue 8, p14 

    The author discusses the impact of the new pension reporting rules issued by the Governmental Accounting Standards Board, with effect from June 15, 2014, on the government bond ratings in the U.S.

  • How S&P Is Factoring GASB Pension Changes Into Localities’ Ratings. Jagoda, Naomi // Bond Buyer;9/4/2015, Vol. 1 Issue F334, p1 

    Standard and Poor's has released a report describing how it's incorporating into its ratings local governments' reporting of pensions under newly applicable standards from the Governmental Accounting Standards Board.

  • Connecticut poised to battle GASB.  // Accounting Today;7/9/2007, Vol. 21 Issue 12, p4 

    The article reports on the decision of the Connecticut State Senate to give its state comptroller the authority to established generally accepted accounting principles for the state's financials. This would mean sidestepping the U.S. Governmental Accounting Standards Board. The state's move to...

  • In S&P Survey, Governments Project the Costs of GASB 34. Hume, Lynn // Bond Buyer;11/10/2000, Vol. 334 Issue 31015, p1 

    Presents the results of the survey on the costs of implementing the financial report model GASB 34 conducted by Standard and Poor in the United States. Development of the report by the Governmental Accounting Standards Board; Assessed prices of GASB 34 model; Benefits for the accounting system...

  • Addressing Fiscal Policy Concerns and Restoring Public Trust in Government. Attmore, Robert H. // Journal of Government Financial Management;Winter2011, Vol. 60 Issue 4, p8 

    The author discusses fiscal policy concerns in the U.S. He states that the strategies of government to frame fiscal policy are not sustainable and need to be changed. Government should focus on remaining transparent in its communication system. The Governmental Accounting Standards Board (GASB)...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics