The Governmental Accounting Standards Board (GASB) issued an exposure draft, Sales and Pledges of Receivables and Future Revenues.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 ) issued an exposure draft, Sales and Pledges of Receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed and Future Revenues, that would establish criteria for governments to determine whether the proceeds from certain transactions--such as the sale of delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. taxes, specific mortgages, student loans or upcoming payments from tobacco liability settlements--should be reported as revenue from a sale or as collateralized borrowing resulting in a liability (www.gasb. org/exp/ed_sales&pledges.pdf). Comments are due December 30, 2005. |
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