The Governmental Accounting Standards Board (GASB) issued
an exposure draft, Sales and Pledges of Receivables and Future
Revenues, that would establish criteria for governments to
determine whether the proceeds from certain transactions—such as the
sale of delinquent 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.
Government Accounting
