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UHY possesses a highly experienced group of professionals in the area of government accounting and related advisory services. Our government department is highly respected by our clients in assisting them with solving the complex problems facing government units in today’s rapidly changing environment.

GASB ISSUES NEW STANDARD ADDRESSING DEBT DISCLOSURES

April 11, 2018

GASB ISSUES NEW STANDARD ADDRESSING DEBT DISCLOSURES

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:

  • Significant events of default with finance-related consequences
  • Significant termination events with finance-related consequences
  • Significant subjective acceleration clauses

The new standard takes effect after June 15, 2018 and GASB encourages earlier application.

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