GASB Issues Three Exposure Drafts

The Governmental Accounting Standards Board on Tuesday morning issued three exposure drafts.

Descriptions of the drafts, from a release:

The Exposure Draft, Fiduciary Activities, would establish guidance regarding what constitutes fiduciary activities for financial reporting purposes, the recognition of liabilities to beneficiaries, and how fiduciary activities should be reported. The proposed Statement would apply to all state and local governments.

The Exposure Draft, Certain Asset Retirement Obligations, would establish guidance for determining the timing and pattern of recognition for liabilities related to asset retirement obligations and corresponding deferred outflows of resources. An asset retirement obligation is a legally enforceable liability associated with the retirement of a tangible capital asset, such as the decommissioning of a nuclear reactor.

The Exposure Draft, Pension Issues, addresses practice issues raised by stakeholders during the implementation of Statements No. 67, Financial Reporting for Pension Plans, and No. 68, Accounting and Financial Reporting for Pensions.

Click the links above to view the drafts.

Comments can be submitted for each of the drafts until the following dates:

Pension Issues — February 12, 2016

Fiduciary Activities — March 31, 2016

Certain Asset Retirement Obligations — March 31, 2016.

Photo by Tom Woodward via Flickr CC License