Printer Friendly

GASB issues technical bulletin and interpretation.

The Governmental Accounting standards Board published a new technical bulletin on deposits and investments for certain bank holding company transactions, as well as a new interpretation on recognizing property tax revenue.

Technical Bulletin (TB) no. 97-1, Classification of Deposits and Investments into Custodial Credit Risk Categories for Certain Bank Holding Company Transactions, clarifies certain provisions of GASB Statement no. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements. It explains how, depending on certain sets of circumstances, deposits and investments with bank holding companies should be classified under the custodial risk categories in Statement no. 3. It is effective for years beginning after December 15, 1997.

A defining term

In Interpretation no. 5, Property Tax Revenue Recognition in Governmental Funds, the GASB clarifies the term available as it relates to recognizing property tax revenue under the modified accrual basis of accounting. The term now means "collected within the current period or expected to be collected soon enough thereafter to be used to pay liabilities of the current period." This eliminates the "due date" criterion from the definition but does not change the 60-day collection deadline for due or past-due status. This interpretation win be effective for periods beginning after June 15, 2000. Early application is encouraged.

Copies of TB no. 97-1 (code no. GTB01; $6 each) and Interpretation no. 5 (code no. GI05; $8.50 each) are available from the GASB order department by calling 203-847-0700, ext. 555.
COPYRIGHT 1998 American Institute of CPA's
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Journal of Accountancy
Date:Feb 1, 1998
Words:242
Previous Article:Reports for specified parties.
Next Article:Researching burden of proof proposals.
Topics:


Related Articles
GASB information available electronically.
GASB proposes clarifying pension plan reporting standards.
New technical bulletin clarifies accounting for pensions.
New definition for property tax revenue.
GASB issues two proposals for comment.
New Y2K disclosure.
Official Releases.
GASB issues Technical Bulletin no. 2003-1, Disclosure Requirements for Derivatives Not Reported at Fair Value on the Statement of Net Assets, which...
GASB issues statement on net assets, staff technical bulletin.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters