NEWS RELEASE 10/16/09

Comment Deadline Nears for GASB Proposals on Service Efforts and Accomplishments Reporting and Financial Instruments

Norwalk, CT, October 16, 2009—The deadline for comment on two Governmental Accounting Standards Board (GASB) proposals-Proposed Suggested Guidelines for Voluntary Reporting, SEA Performance Information, and an Exposure Draft (ED) of a proposed Statement, Financial Instruments Omnibus-is rapidly approaching. Users, auditors, and preparers of state and local government financial reports have until Friday, October 30, to submit written comments on the documents, which were issued in June.

The Proposed Suggested Guidelines for Voluntary Reporting was developed to provide state and local governments with a common framework for the effective external communication of service efforts and accomplishments (SEA) performance information. The proposed Statement on financial instruments is intended to update and improve existing standards regarding financial reporting and disclosure requirements of some financial instruments for which significant issues have been identified in practice.

The proposed suggested guidelines on SEA performance information, the ED, and instructions on submitting written comments for each, can be downloaded free of charge at The proposed suggested guidelines on SEA performance information, the ED, and instructions on submitting written comments for each, can be downloaded free of charge at www.gasb.org/exp.

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.