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GASB issues statement on derivative instruments.

The Governmental Accounting Standards Board in June issued GASB Statement No. 53. Accounting and Financial Reporting for Derivative Instruments. It is intended to improve how state and local governments report information about derivative instruments in their financial statements. The statement specifically requires governments to measure most derivative instruments at fair value in their financial statements that are prepared using the economic resources measurement focus and the accrual basis of accounting. The guidance in the statement also addresses hedge accounting requirements and is effective for financial statements for reporting periods beginning after June 15, 2009. with earlier application encouraged. More information about GASB Statement 53. including a question and answer document, fact sheet and plain language article, is available at www.gasb.org.
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Publication:CPA Letter
Date:Aug 1, 2008
Words:122
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