GASB Statement Addresses Accounting and Financial Reporting Guidance for Certain External Investment Pools and Pool Participants
Jan 11, 2016
From the Financial Reporting Network
The GASB recently issued Statement No. 79, Certain External Investment Pools and Pool Participants, which addresses accounting and financial reporting for certain external investment pools and their participants by establishing criteria that an external investment pool would need to meet to elect to measure all of its investments at amortized cost for financial reporting purposes. The GASB Statement also establishes additional note disclosures for external investment pools that qualify to measure their investments at amortized cost and for governments that participate in those pools.
GASB Statement 79 is effective for financial reporting periods beginning after June 15, 2015, except for certain requirements related to portfolio quality, custodial credit risk, and shadow pricing, which are effective for financial reporting periods beginning after December 15, 2015.