The Governmental Accounting Standards Board proposed guidance Monday on various accounting and financial reporting issues that were identified during implementation, application, and due process on its standards.
The issues covered by the exposure draft of the omnibus statement include accounting and financial reporting for exchange or exchange-like financial guarantees; and classification and reporting of certain derivative instruments that are neither hedging derivative instruments nor investment derivative instruments. Other proposals involve clarification of certain provisions of Statement No. 87, Leases, Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements; Statement No. 96, Subscription-Based Information Technology Arrangements. GASB is also proposing to extend the period during which the London Interbank Offered Rate (LIBOR) is considered to be an appropriate benchmark interest rate for the qualitative evaluation of the effectiveness of certain interest rate swaps.
Other proposals involve accounting for the distribution of benefits as part of the Supplemental Nutrition Assistance Program (SNAP); disclosures related to nonmonetary transactions; pledges of future revenues when resources are not received by the pledging government; and updating some terminology for consistency with existing authoritative standards.
GASB is asking its stakeholders to send comments on the exposure draft by Sept. 17, 2021.
The Treasury is warning Congress that it needs lawmakers to unlock funding for the Internal Revenue Service that could be rescinded due to legislative language.
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