GASB Board Meeting to Discuss Preballot Drafts

Sarah Woodman, Global events journalist
May 12, 2011 /

The Government Accounting Standards Board will have a board meeting on Monday, May 23-25, 2011 in Northwest Washington DC, USA.

The meeting has several agendas.

On the first day, May-23, the board is expected to review and consider for approval of the tentative minutes from the April Norwalk meeting and the May teleconference, to review preballot drafts of two Exposure Drafts, Accounting and Financial Reporting for Pension Benefits by Employers and by Nonemployer Contributing Entities, and Accounting and Financial Reporting forDefined Benefit Pension Plans and Note Disclosures for Defined Contribution Pension Plans and to review a preballot draft of a final Statement, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources and Net Position.

On the second day, May 24, the board will tackle the review of the tentative decisions to date in light of the feedback provided by task force members about economic condition reporting-fiscal sustainability, review and provide input to the staff on the second edition oft he user guide, An Analyst’s Guide to Government Financial Statements, continue its deliberations of issues associatedwith government combination transactions and review responses to the Exposure Draft, Derivative Instruments: Application of Hedge Accounting Termination Provisions, an amendment of GASB Statement No. 53.

On the third and last day of the meeting, May 25, the final topic to be discussed is the draft Standards section of the proposed Statement about Deferred Inflows of Resources and Deferred Outflows of Resources. After that, the Board will meet with the Financial Accounting Foundation Board of Trustees to discuss ongoing projects and other issues of mutual interest.

GASB is an organization that establishes accounting standards for governmental entities.


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