• The Trustees issued for public comment a proposal to revise the agenda-setting process for the GASB to assist the Trustees in assessing the scope of the GASB’s standard-setting activity. You may review a detailed press release and the complete Request for Comment document by clicking on the embedded links. Feel free to send your comments by email to GASBscope@f-a-f.org or “snail mail” them to the following address by April 30, 2013: GASB Agenda Process, Financial Accounting Foundation, 401 Merritt 7, PO Box 5116, Norwalk, CT 06856.
• The Trustees approved the post-implementation review (PIR) report of GASB Statements No. 3, Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements and No. 40, Deposit and Investment Risk Disclosures. The PIR report concluded that both Statements achieve their intended purpose. Both Statements require note disclosures about deposit and investment risks. Additionally, Statement 3 provides accounting guidance for repurchase and reverse repurchase agreements. Link to press release and report.
• The Trustees also announced that the PIR team will start a review of GASB Statements No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, and No. 30, Risk Financing Omnibus—an amendment of GASB Statement No. 10, which establish accounting and financial reporting standards for risk financing and insurance-related activities of state and local governments, including public risk pools. Stakeholders who would like the opportunity to participate in PIR surveys on GASB Statements 10 and 30, conducted by an independent survey firm on behalf of the Financial Accounting Foundation, should register online.