Norwalk, CT, March 7, 2007The public comment period for the Governmental Accounting Standards Board’s (GASB) proposed standards for reporting intangible assets in state and local government financial statements will end on March 23, 2007. The proposal was published as an Exposure Draft (ED), Accounting and Financial Reporting for Intangible Assets, on December 27, 2006.
The ED describes an intangible asset as an asset that lacks physical substance, is nonfinancial in nature, and has an initial useful life extending beyond a single reporting period. It is intended to answer questions about whether and when certain intangible assets should be considered capital assets for financial reporting purposes.
"The new standards should improve financial reporting by reducing inconsistencies that have developed in accounting and financial reporting for intangible assets," said Gregory Driscoll, GASB practice fellow. "We want to ensure that all parties have an opportunity to carefully consider the issues and express their points of view."
The GASB also plans to hold a public hearing during the Board’s regular meeting on April 3, 2007, in Norwalk, CT. Parties interested in participating at the public hearing must provide, by March 23, 2007, a written notice of intent to participate and a copy of written comments addressing the ED. Testimony may be presented in person or via telephone.
Comments on the proposed standards, as well as notification of intent to participate in the public hearing, should be emailed to email@example.com, Project No. 9-4, or sent via regular mail to:
About the Governmental Accounting Standards Board
The GASB is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community. More information about the GASB can be found at its website www.gasb.org.