GFOA to GASB: Reissue Derivatives-Disclosure Guidance, Allow Time to Comply

Hume, Lynn
May 2003
Bond Buyer;5/20/2003, Vol. 344 Issue 31639, p6
Trade Publication
The U.S. Government Finance Officers Association (GFOA) will urge the U.S. Governmental Accounting Standards Board (GASB) to both reissue its proposed disclosure guidance on derivatives as a formal board statement, rather than a staff technical bulletin, and give states and localities more time to comply with the guidance once it is adopted. Guidance proposed by GASB, which was issued in early April, calls for governments to disclose detailed information about the terms, use, and risks of their derivatives contracts, such as swaps and swaptions in the notes to their financial statements. The other GFOA committees that signed off on the letter to GASB were: accounting, auditing, and financial planning; cash management; and retirement and benefits administration.


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