GASB issued Statement no. 46, Net Assets Restricted by Enabling Legislation, an amendment of GASB Statement no. 34 (www.gasb.org/news/nr123004 A.html).

GASB issued Statement no. 46, Net Assets Restricted by Enabling Legislation, an amendment of GASB Statement no. 34 (www.gasb.org/news/nr123004 A.html). The subject legislation authorizes the raising of new resources but imposes limits on how they may be used. The guidance, which is effective for periods beginning after June 15, 2005, clarifies that external parties-for example, citizens or the judiciary--can legally enforce such laws in order to compel a government to use resources only as stipulated in their enabling legislation.

GASB also issued a technical bulletin, Recognition of Pension and Other Postemployment Benefit [OPEB] Expenditures/Expense and Liabilities by Cost-Sharing Employer (www.gasb.org/news/ nr123004B.html), that clarifies the application of requirements regarding accounting for employers' contractually required contributions to cost-sharing pension and OPEB plans issued in Statement no. 27, Accounting for Pensions by State and Local Governmental Employers, and Statement no. 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other Than Pensions, respectively. The bulletin addresses questions raised and encourages cost-sharing employers to apply those statements' recognition requirements. Both publications can be ordered from the GASB order department at 800-748-0659 or online at http://store.yahoo.com/gasbpubs/ publications.html.