GASB

The exposure draft, Replacement of Interbank Offered Rates, proposes removal of all inter-bank offered rates as an appropriate benchmark interest rate effective for reporting periods beginning after Dec. 15, 2020.

GASB is taking action because changing the reference rate on the hedge is ordinarily considered a termination event.

The revision gives local governments an extra nine months to make changes under a new rule involving the treatment of leases.

State and local governments and trade groups have until Sept. 13 to submit comments on the 48-page exposure draft GASB released June 13.

GASB Statement 91 calls for conduit issuers to stop reporting conduit debt in their financial statements and to report all of it in their accompanying notes starting Dec. 15, 2020.

Timely and complete accounting and financial reporting are as critical to municipal professionals as is disclosure, according to Jeffrey Previdi, GASB vice chairman. Long-standing standards and practices are being brought up-to-date to remain compatible with today's rapid-paced changes. John Hallacy hosts.

The dollar value of net pension liabilities rose in 43 states while the dollar value of outstanding tax-supported debt rose in 17 states, the report said.

The new GASB standards apply to Other Post-Employment Benefits, or OPEB, which mostly pertain to retiree health benefits, but also can include dental, vision, disability and death benefits.

GASB is accepting comments through Nov. 2 on its proposal to clarify the definition of a conduit debt obligation.

The top executives of FINRA, the MSRB, and some industry groups received total compensation of more than $1 million, The Bond Buyer’s latest survey of compensation levels at 23 municipal market-related groups shows.