GASB issues final standards on derivative instruments
GASB recently issued GASB Statement No. 53, Accounting and Financial Reporting for Derivative Instruments.
The new statement is intended to improve how state and local governments report information about derivative instruments – financial arrangements used by governments to manage specific risks or make investments – in their financial statements.
Specifically, the statement will require 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 statement, which also addresses hedge accounting requirements, is effective for financial statements for reporting periods beginning after June 15, 2009.
Complete details are available on GASB’s Web site, including a fact sheet and FAQs.
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LAST UPDATED 7/16/2008