The US Governmental Accounting Standard Board
(GASB) has issued a proposal to reclassify items currently reported
as assets and liabilities.

The proposal, Reporting Items Previously
Recognized as Assets and Liabilities, intends to apply its
conceptual definitions of deferred outflows of resources and
deferred inflows of resources elements to a broader range of items
in order to enhance consistency in state and local government
financial statements.

The exposure draft reclassifies certain items
currently being reported as assets and liabilities as one of four
financial statement elements-deferred outflows of resources,
outflows of resources, deferred inflows of resources, or inflows of

“There is a clear need for guidance that
clarifies what items meet the definition of a deferred outflow of
resources or a deferred inflow of resources,” GASB chairman Robert
Attmore said.

The requirements of this proposed statement
would be effective for periods beginning after 15 June 15 2012,
with earlier application encouraged.
Deadline for comment on the proposals is 18 November.


How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.