Parties interested in submitting written comments on the Governmental Accounting Standards Board (GASB) Exposure Draft, Accounting and Financial Reporting for Nonexchange Financial Guarantee Transactions, should file comment letters by Friday, September 28, 2012.
The proposed Statement would require a state and local government guarantor that offers a non-exchange financial guarantee to another organization or government to recognize a liability on its financial statements when it is "more likely than not" that the guarantor will actually make a payment to the obligation holders under the agreement. It would also require note disclosures of the risks associated with those guarantees.
Individuals and organizations are urged to review the Exposure Draft and provide written comments by the September 28, 2012, deadline. Comments should be addressed to the Director of Research and Technical Activities, Project No. 19-18, and e-mailed to [email protected] or mailed to:
Governmental Accounting Standards Board
401 Merritt 7
PO Box 5116
Norwalk, CT 06856-5116
Source: September 18, 2012, GASB Press Release