Summary
In September, the GASB examined the mechanisms that various states use to establish rainy day funds and concluded that those funds frequently would meet the criteria for classification within the limited component of spendable fund balance. The board reexamined the scope of its pending guidance on land and other real estate held by endowments for investing purposes and arrived at several conclusions. The final guidance will apply to real estate that an endowment holds, but is unable to sell. The final guidance will not address the value to be assigned to land granted to a state upon admission to the union. The discussion of the service efforts and accomplishments (SEA) project at the board's September meeting focused on what revisions should be made to GASB Concepts Statement 2, Service Efforts and Accomplishments Reporting.
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Report From Gasb
In September, the Governmental Accounting Standards Board (GASB) met once at its offices in Norwalk, Connecticut, to discuss issues arising in connection with various techn...
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