The Governmental Accounting Standards Board launched a new Web site. It includes recently posted documents and information, announcements of board meetings and upcoming actions, summaries and the status of all GASB statements and interpretations, the quarterly plan for GASB projects and membership information. It also includes ordering information and prices for GASB documents.
The site was designed by the GASB and its servers are provided by the Rutgers Accounting Web at Rutgers University. It can be accessed at either of two locations: http://www.gasb.org or http://www.rutgers.edu/accounting/raw/gasb.
GASB Issues Two Proposals for Comment
The Governmental Accounting Standards Board distributed for comment proposals on accounting for investments and deferred compensation plans.
For investments, the GASB issued a proposed technical bulletin that would clarify certain provisions of GASB Statement no. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements) and Reverse Repurchase Agreements . The bulletin would explain how, depending on certain sets of circumstances, deposits and investments with bank holding companies should be classified under the custodial risk categories in GASB Statement no. 3. The proposal, Classification of Deposits and Investments into Custodial Credit Risk Categories for Certain Bank Holding Company Transactions , would be effective for years beginning after December 15, 1997.
For deferred compensation plans, the GASB issued a proposal to rescind its Statement no. 2, Financial Reporting of Deferred Compensation Plans Adopted under the Provisions of Internal Revenue Code Section 457 , and to establish new accounting and reporting standards for the plans of state and local governments and tax-exempt organizations. According to the proposal, if a section 457 deferred compensation plan met current requirements for inclusion in a governments fiduciary funds, it would be reported as an expendable trust fund in that governments financial statements. This proposal would be effective January 1, 1999.