Norwalk, CT, June 24, 2010—The Governmental Accounting Standards Board (GASB) today issued Statement No. 59, Financial Instruments Omnibus. The Statement updates and improves existing standards regarding financial reporting of certain financial instruments and external investment pools. The Statement is effective for financial statements prepared by state and local governments for periods beginning after June 15, 2010, with earlier application encouraged.
“Statement 59 addresses significant practice issues that have arisen when accounting for financial instruments,” states GASB Chairman Robert H. Attmore. “By increasing the consistency of measurements and providing clarification of existing standards, this guidance will improve financial reporting in ways that benefit both users and preparers of financial reports.”
Statement 59 includes the following guidance:
GASB Statement 59 is now available for purchase at www.gasb.org.
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.