GASB issued a new standard on April 2 that requires state and local governments to present direct borrowings and direct placements of debt separately from other types of debt in their statement note disclosures. This new standard mandates the disclosure of additional debt-related information for all types of debt (including amounts of unused lines of credit and assets pledged as collateral for debt).
Also required to be disclosed are:
The new standard takes effect after June 15, 2018 and GASB encourages earlier application.
For more information contact us in one of our many locations.
Wednesday February 27 2019 | 4:30PM—6:30PM | Durfee Innovation Society |
2470 Collingwood St. | Detroit, MI 48206