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.