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Preliminary views on how to implement GASB 11.

The Governmental Accounting Standards Board issued a Preliminary Views report on how state and local governments should begin to implement GASB Statement no. 11, Measurement Focus and Basis of Accounting--Governmental Fund Operating Statements. Issued in May 1990, Statement no. 11 requires governments to use accrual basis accounting to recognize government fund revenues and expenditures. It is effective for financial statements issued for periods beginning after June 15, 1994.

Statement no. 11 does not provide guidance for the balance sheet display of assets and liabilities resulting from accruals or of liabilities resulting from issuing operating debt. This report addresses the display issues, presenting the preliminary view of a majority of the board and an alternative view supported by two board members.

The deadline for written comments is August 31, 1992. Public hearings will be held August 30 in Washington, D.C. One copy of the document is available without charge until August 31 from the GASB order department, 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut 06856-5116.
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Title Annotation:Governmental Accounting Standards Board
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Jul 1, 1992
Words:167
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