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Monday, July 14, 2008

AGA's FMSB Weighs in On Three Proposals

AGA's Financial Management Standards Boad (FMSB) has sent comments to the Federal Accounting Standards Advisory Board (FASAB) on the exposure draft of the proposed Statement of Federal Financial Accounting Concepts (SFFAC), Distinguishing Basic Information, Required Supplementary Information, and Other Accompanying Information. Read the letter.

The FMSB has also sent comments to the Governmental Accounting Standards Board (GASB) on its exposure draft of a proposed Statement titled, Fund Balance Reporting and Governmental Fund Type Definitions. The FMSB wrote, "Overall, it is a very good, needed and reasonable standard." Read the letter.

The FMSB sent another comment letter to the GASB on its proposed revisions to Concepts Statement No. 2 related to Service Efforts and Accomplishments Reporting. The FMSB thinks that, even though there are limitations that can be potentially significant for a reporting entity, SEA reporting can provide essential information. Read the letter.

The GASB will hold a public hearing, scheduled for 9 a.m., Tuesday, July 29, at the Hilton Hotel, 255 Courtland Street, NE, Atlanta, GA, in conjunction with the PDC. AGA Executive Director Relmond Van Daniker, DBA, CPA, has been asked to testify. For more information, visit the GASB website.

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