The Governmental Accounting Standards Board (GASB) has introduced an exposure draft to address issues when LIBOR goes away for hedges and leases for governmental entities.

Trying to ease the burden on governments, the proposal would allow entities to continue using hedge accounting for certain hedging derivative instruments that are amended or replaced due to the LIBOR transition.

You can read the 33-page exposure draft here.

Comments are due Nov. 27 and should be addressed to the Director of Research and Technical Activities, Project No. 26-8, and emailed to director@gasb.org.

What questions do you have? Send your questions to melisa@galassolearningsolutions.com.

Upcoming Broadcast Note: Join Melisa Galasso at 9 p.m. on Tuesday, Dec. 10, for a one-hour credit A&A Rebroadcast Course on “The New AICPA Auditor’s Report,” a must-see for auditors. During SCACPA’s broadcast, Melisa will monitor a live Q&A chatroom.

SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members. With over 15 years of experience in the accounting profession, Melisa Galasso designs and facilitates courses in advanced technical accounting and auditing topics, including not-for-profit and governmental accounting. She closely monitors regulatory bodies for changes in auditing and accounting guidance and serves as a subject matter expert in implementing the updated guidance.

Melisa was a speaker on audit topics at SCACPA’s 2019 Spring Splash. Look for her to return this November for Fall Fest as well as many seminars and rebroadcasts.

You can read SCACPA’s Q&A with Melisa conducted during some break time at Spring Splash here.