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ARTICLE · 17 DECEMBER 2014

New Accounting Standards Could Substantially Impact Incentives Transparency

Bradley Arant Boult Cummings LLP
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The Governmental Accounting Standards Board has issued an exposure draft of a proposed statement.

United StatesAccounting and Audit
Christopher Grissom
Christopher Grissom
Matthew Hinshaw
Matthew Hinshaw

Executive Summary

The Governmental Accounting Standards Board ("GASB") has issued an exposure draft of a proposed statement (the "Statement"). The Statement, for the first time, would set uniform minimum disclosure requirements on the financial statements of governmental entities. The Statement is available here.

These standards would require governmental entities to disclose tax abatements that the reporting entity has granted as well as tax abatements issued by other governmental entities which impact the reporting entity's revenue. The requirements of the Statement would be effective for financial statements covering fiscal years beginning after December 15, 2015. Earlier application is encouraged.

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