The Federal Accounting Standards Advisory Board (FASAB)
issues Statement of Federal Financial Accounting and Auditing
Technical Release 3 (revised), Auditing Estimates for Direct Loan
and Loan Guarantee Subsidies under the Federal Credit Reform Act
and Technical Release 6, Preparing Estimates for Direct Loan
and Loan Guarantee Subsidies under the Federal Credit Reform Act
(
www.fasab.gov/pdffiles/ ). Each amends the original Technical
Release 3, Preparing and Auditing Direct Loan and Loan Guarantee
Subsidies under the Federal Credit Reform Act, issued in July
1999. The new guidance is effective immediately.
The Governmental Accounting Standards Board (GASB) issues
a revised exposure draft (ED), Accounting and Financial Reporting
by Employers for Postemployment Benefits Other Than Pensions (
www.gasb.org/news/
). The ED addresses how state and local governments should account
for and report their costs and obligations related to postemployment
health care and other nonpension benefits—commonly referred to as
“other postemployment benefits” (OPEB). GASB revised its February 2003
ED in response to comments on its treatment of implicit rate
subsidies, which the current ED proposes be included in a government’s
calculation of its OPEB costs and obligations. Comments are due April
30.
