GASB Issues Proposed Guidance on Fiduciary Activities, Asset Retirement Obligations, and Pensions

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GASB issued three Exposure Drafts proposing accounting and financial reporting guidelines related to fiduciary activities, certain asset retirement obligations, and pension issues. These exposure drafts were designed to improve the reporting of important activities and transactions in governmental financial statements.

Fiduciary Activities:  objective is the enhance the consistency and comparability of fiduciary activity reporting by state and local governments.

Certain Asset Retirement Obligations:  objective is to enhance the comparability of financial statements by establishing uniform criteria for governments to recognize and measure these asset retirement obligations, including obligations that previously may not have been reported.

Pension Issues:  objective is to improve consistency in the application of accounting and financial reporting requirements for employers related to pensions and for pension plans by addressing certain practice issues.

Read the GASB News Release

Read the Exposure Drafts 

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