Participants Sought for GASB Field Test
The Governmental Accounting Standards Board (“GASB”) is seeking participants for a field test of its Exposure Draft, Certain Asset Retirement Obligations. The Exposure Draft includes proposed changes to the accounting and financial reporting of certain asset retirement obligations by state and local governments. Any state or local government that reports asset retirement obligations or such entities that could be impacted by the GASB’s proposal are encouraged to participate.
Specifically, the GASB wants feedback from governmental financial statement preparers on the following:
- Possible implementation issues;
- Related costs of the initial and continuing implementation of the proposed guidance; and
- Whether any requirements of the proposed guidance are unclear.
The GASB will consider all participant feedback for developing its final standard. Participants must submit their field test results by March 31st.
A field test fact sheet detailing what participation involves is available on the GASB Web site. If your state or local government would like to participate or have questions regarding the field test, please contact Brett Riley at firstname.lastname@example.org or 203.956.5216, or Jialan Su at email@example.com or 203.956.5339, by Friday.