GASB issues statement on financial impact of environmental cleanups, proposal on pension disclosures.Reflecting its intention to ensure that costs and liabilities not specifically addressed by current governmental accounting Governmental accounting is an umbrella term which refers to the various accounting systems used by various public sector entities. In the United States, for instance, there are three levels of government which follow different accounting standards set forth by independent, private standards are included in financial reports, 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. recently issued a standard that will require state and local governments to provide the public with better information about the financial impact of environmental cleanups The process of removing solid, liquid, and hazardous wastes, except for unexploded ordnance, resulting from the joint operation of US forces to a condition that approaches the one existing prior to operation as determined by the environmental baseline survey, if one was conducted. . To provide governments with better accounting guidance and consistency, GASB GASB Governmental Accounting Standards Board Statement No. 49, Pollution Remediation Obligations, identifies the circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or under which a governmental entity would be required to report a liability related to pollution remediation. Statement 49 will be effective for financial statements for periods beginning after June June: see month. 15, 2007. In addition, the GASB issued a proposal that would bring current pension disclosure requirements for governments and governmental pension plans into line with those recently issued for other post-employment benefits. The changes, outlined in an exposure draft of a proposed statement on pension disclosures, would enhance accountability and improve the decision usefulness of financial information provided to citizens, elected representatives, investors and other financial statement users about pensions in a number of areas. The requirements of the proposed statement would be effective for periods beginning after June 15, 2007, with early implementation encouraged. Comments are due Feb. 28. Both the statement and the proposal may be downloaded from the GASB's Web site at www.gasb.org. |
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