GASB Plans to Issue Accounting Guidance on Tobacco Bonds

Hume, Lynn
May 2003
Bond Buyer;5/21/2003, Vol. 344 Issue 31640, p4
Trade Publication
The U.S. Governmental Accounting Standards Board plans to issue accounting guidelines in 2003 that will tell state and local governments whether bonds securitized by expected tobacco settlement money should be treated as liabilities in their annual financial reports. The guidance would be important because state and local governments' approaches to accounting for tobacco bonds differwidely. The move also comes amid fears that pending class action and individual lawsuits against three major cigarette companies could bankrupt the firms and prevent them from continuing to makepayments to states under the 1998 Master Settlement Agreement with the tobacco companies.


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