GASB Issues Exposure Draft On Affiliated Organizations.The Governmental Accounting Standards Board The Governmental Accounting Standards Board (GASB) is currently the source of generally accepted accounting principles (GAAP) used by State and Local governments in the United States of America. (GASB GASB Governmental Accounting Standards Board ) has issued a revised Exposure Draft, The Financial Reporting Entity - Affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: Organizations, to amend Statement No. 14, The Financial Reporting Entity. The proposal is intended to provide additional guidance to determine if an affiliated organization is a component unit of a financial reporting entity. Affiliated organizations may include certain foundations and other not-for-profit Not-for-profit An organization established for charitable, humanitarian, or educational purposes that is exempt from some taxes and in which no one in profits or losses. groups associated with colleges and universities, hospitals, school districts, museums, libraries and other governmental entities. GASB Project Manager Joseph C. Blythe noted that the revised Exposure Draft "responds to the commitment made in Statement 14 to conduct additional research on organizations that, due to the nature and significance of their relationship with a primary government, should be evaluated for inclusion in the financial reporting entity." The deadline for written comments on the proposal is Oct. 31, 2001. Public hearings have been scheduled, for Oct. 29 in Phoenix and Nov. 2 in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . |
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