GASB Update Robert H' Attmore GASB Chairman

1
GASB Update Robert H. Attmore GASB
Chairman

• NASACT ANNUAL CONFERENCE
• November 16, 2004
• The views expressed in this presentation are
  those of Mr. Attmore. Official positions of the
  GASB are determined only after extensive due
  process and deliberation.

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GASB Future Directions

• Developing new strategic plan
• Focus on unique or distinguishing characteristics
  of governments
• New GASB Vision Statement
• Working with input from GASAC
• Keith Johnson, NASACT representative

3
GASB Vision

• Greater accountability and well-informed
  decision-making through excellence in public
  sector financial reporting.

4
GASB Mission

• To establish and improve standards of
  governmental accounting and financial reporting
  that will
• Result in useful information for users of
  financial reports, and
• Guide and educate the public, including issuers,
  auditors, and users of financial reports.

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Whats New inGASB Exposure Drafts?

• Net Assets Restricted by Enabling Legislation
• Communication Methods
• Accounting for Employers Pension and OPEB
  Contributions

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Net Assets Restricted by Enabling Legislation ED

• Proposal based on legal enforceability
• Separate display of restricted by enabling
  legislation
• ED illustrates display and disclosures
• Comment deadline was 8/31/04
• Proposed effective date years beginning after
  6/15/05

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Communication Methods Concepts Statement ED

• Placement of information in general purpose
  external financial reports
• Proposed hierarchy for communication methods
  basic financial statements (BFS), notes to BFS,
  required supplementary information, and
  supplementary information
• Comment deadline was 9/30/04

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Accounting for Employers Pension and OPEB
Contributions ED

• Proposed Staff Technical Bulletin on GASB Website
  (www.gasb.org)
• Recognition of expenditure/expense and fund
  liabilities
• Clarifies requirements of GASB 27 and 45
• Due For vs. Due On
• Comments were due by Friday, November 12

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Current Agenda

• Derivatives and hedging
• Pollution remediation obligations
• Termination benefits
• Fund balance
• Securitizations and other transfers
• Conceptual frameworkelements
• User guide note disclosures

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Pollution Remediation Obligations

• What types of obligations are out there?
• Range from superfund sites to brownfields
• Issues to be address in the project
• What is the obligating event?
• How should the obligation be measured?
• Preliminary Views document expected to be issued
  by year end.

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Termination Benefits

• Inducements or payments re early termination of
  services
• Voluntary and involuntary
• Non-exchange transactions
• Types of benefits provided
• Recognition and measurement issues
• Exposure Draft scheduled for December

12
Fund Balance

• Are the current categories of fund balance
  classification still relevant?
• Reserved
• Unreserved, designated
• Unreserved, undesignated
• If they are appropriate, should the categories be
  more clearly defined?

13
Securitizations and Other Transfers

• Sales or transfers of receivables
• Delinquent tax liens, mortgage loans, student
  loans, etc.
• Sales or pledges of future revenues

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Other GASB Projects

• Research Agenda

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Research Agenda

• Intangible assets
• Financial condition indicators
• Fiduciary responsibilities
• Conceptsmeasurement attributes
• Service efforts and accomplishments
• Reporting Performance Information Suggested
  Criteria for Effective Communication