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GASB Releases Exposure Draft for Comment on Certain Debt Extinguishment Issues.

By Thomas Canby posted 08-31-2016 12:56

  
This week the Governmental Accounting Standards Board (GASB) released proposed guidance that state and local governments would apply when extinguishing debt prior to its maturity. The Exposure Draft, Certain Debt Extinguishment Issues, proposes uniform accounting and financial reporting guidance for debt that is “defeased in substance,” regardless of the source of the resources that are placed in a trust. Stakeholders are encouraged to review and provide comments by October 28, 2016. The Exposure Draft is available on the GASB website, www.gasb.org.
 
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https://connect.tasbo.org/blogs/thomas-canby/2016/08/31/governmental-accounting-standards-board-releases-exposure-draft-for-comment-on-certain-debt-extinguishment-issues