NAFOA's GASAC Representative: Two Exposure Drafts Approved

Tuesday, July 5, 2011

Two Exposure Drafts Approved

The GASB has approved two Exposure Drafts that would significantly change how governments account for and report on the pensions they provide to their employees. The Exposure Drafts are:

Accounting and Financial Reporting for Pensions

Financial Reporting for Pension Plans

The documents will be available on the GASB website on July 8.

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About NAFOA

The Native American Finance Officers Association (NAFOA) is a national not-for-profit organization with members in positions such as tribal finance officers, controllers, treasurers, accountants, auditors, financial advisors, tribal leaders, and more. NAFOA builds the financial strength of tribal governments and their enterprises by providing educational forums and resources, and by instilling finance and accounting best practices. Through its network, members connect with experts in various financial areas, specifically as they apply to tribal governments and organizations. NAFOA is also a member of the Governmental Accounting Standards Advisory Council. More information about the NAFOA can be found at www.nafoa.org.

About GASB and GASAC

The Governmental Accounting Standards Board (GASB) is the independent, not-for-profit organization formed in 1984 that establishes and improves financial accounting and reporting standards for state and local governments including tribal nations. Its seven members are drawn from the Board's diverse constituency, including preparers and auditors of government financial statements, users of those statements, and members of the academic community.

The Governmental Accounting Standards Advisory Council (GASAC) is responsible for consulting with the GASB on technical issues on the Board's agenda, project priorities, matters likely to require the attention of the GASB, selection and organization of task forces, and such other matters as may be requested by the GASB or its chairman. The GASAC also is responsible for helping to develop the GASB's annual budget and aiding the Financial Accounting Foundation in raising funds for the Board. The Council has 30 members who are broadly representative of preparers, attestors, and users of financial information.

More information about the GASB and the GASAC can be found at http://www.gasb.org/.

NAFOA's GASAC Representative

Tuesday, July 5, 2011

Two Exposure Drafts Approved

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