WASHINGTON, June 20 The board that sets the
accounting standards for U.S. state and local governments is
seeking to establish a single method for measuring those
governments' assets and liabilities in order to make it easier
to understand and compare financial information.
"The goal is to enhance financial statement users' ability
to assess a government's financial health and accountability,"
Robert Attmore, chairman of the Governmental Accounting
Standards Board, said in a statement on Thursday.
The board is proposing two approaches to measuring assets
and liabilities: initial amounts determined at the time an asset
is acquired or a liability is incurred, and "remeasured" amounts
determined in each year's financial statement.
In making those measures, the governments would have to look
at the historical costs, fair values, replacement costs and
settlement amounts of their assets and liabilities. It is also
proposing expanding what governments disclose about how they
determine fair value in the notes to their financial statements.
The independent, not-for-profit GASB is accepting comments
on the proposals until Sept. 30; it will hold a hearing in
November. It is also conducting a field test of having some
governments apply the suggested standards to their current