[CAFR-Contacts-News] FW: GASB Exposure Draft - Certain Debt Extinguishment Issues

[HAMILTON Robert W * DAS]

Good Morning CAFR Contacts,

Please see the email below regarding a recently issued exposure draft on certain debt extinguishment issues. I think it would be beneficial to have a single State of Oregon response to this exposure draft, should one be warranted.

If you have a comment on this exposure draft, please provide it to me by close of business on Friday, September 30.

Thank you,

Rob

Robert W. Hamilton, CPA
Statewide Accounting and Reporting Services Manager
Chief Financial Office
Department of Administrative Services
Phone:  (503) 373-0299
http://www.oregon.gov/DAS/financial/acctng

Data Classification: Level 1 - Published

From: O'Ryan, Kim [mailto:koryan at nasact.org]
Sent: Monday, August 29, 2016 10:33 AM
To: NASCComptrollers <NASCComptrollers at nasact.org>; NSAAAuditors <NSAAAuditors at nasact.org>; StateTreasurers <StateTreasurers at nasact.org>; NASCCAFR <NASCCAFR at nasact.org>; NASACTCARA <NASACTCARA at nasact.org>; NSAA2017AuditStandardandReportingCommittee <NSAA2017AuditStandardsandReportingCommittee at nasact.org>
Cc: NASCComptrollersCCs <NASCComptrollersCCs at nasact.org>; NSAAAuditorsCCs <NSAAAuditorsCCs at nasact.org>; StateTreasurersCCs <StateTreasurersCCs at nasact.org>
Subject: GASB Exposure Draft - Certain Debt Extinguishment Issues

To:  NASACT Members
       Members of NASACT's Committee on Accounting, Reporting and Auditing
       Members of NASC's Committee on Accounting and Financial Reporting
       Members of NSAA's Audit Standards and Reporting Committee


The Governmental Accounting Standards Board recently issued an Exposure Draft (ED) document entitled Certain Debt Extinguishment Issues.  The proposed Statement would provide guidance for transactions in which only existing resources are placed in a trust for the purpose of extinguishing debt.  The ED proposes uniform accounting and financial reporting guidance for debt that is "defeased in substance," regardless of the source of the resources that are placed in a trust.

The Board has asked for comments on all matters in the ED, including comments on any aspects with which you agree as well as any with which you disagree.  The Board requests that you explain the reasons for your views, including alternatives that you believe should be considered.  Where possible, please provide a paragraph reference for your comments.

The ED can be downloaded from the GASB's website at:  http://www.gasb.org/

NASACT will be preparing an Association position on the ED.  In order to meet the GASB's deadline of October 28, 2016, please send your comments to us no later than Friday, October 7.  Please contact one of us if you have any questions.


Thank you,

Kim O'Ryan
koryan at nasact.org<mailto:koryan at nasact.org>

Sherri Rowland
srowland at nasact.org<mailto:srowland at nasact.org>

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