| Project |
Primary Objective |
Status |
Accounting Treatment for Medicare Part D Retiree Drug Subsidy Payments |
The objective of this project is to provide guidance on how to report payments received from the federal government for prescription drugs benefits under the retiree drug subsidy option of Medicare Part D. |
Public Comments on Exposure Draft Being Deliberated |
Comprehensive Implementation Guide Update
|
The objective of this project is to update the 2005 Comprehensive Implementation Guide for the effects of the Other Postemployment Benefits and the Statistical Section Implementation Guides, for new pronouncements issued since June 2005, and for additional issues that have come to the attention of staff. |
Scheduled for Review in June 2006 |
Conceptual Framework -
Elements of Financial Statements
|
The objective of this project is to define key elements of financial statements as well as to describe or define related concepts that primarily will guide the Board in establishing future standards. The project scope includes transactions and other events, specific elements (for example, assets and liabilities), and the interrelationship of elements. |
Currently Being Deliberated |
Conceptual Framework -
Recognition and Measurement Attributes |
The objective of this project is to develop recognition criteria for when information should be reported in the financial statements and to address the conceptual role of measurement attributes (for example, historical cost and fair value) in financial reporting. |
Deliberations Scheduled to Begin in October 2006 |
Derivatives |
The objective of this project is to consider whether derivatives should be displayed at fair value on the statement of net assets and whether current derivative note disclosures are appropriate. If derivatives are displayed in the financial statements, consideration of hedge accounting will be necessary. Disclosures, such as derivative objectives, terms, and risks, also will be included within the scope of deliberations. |
Preliminary Views Issued April 28, 2006 |
Economic Condition Reporting |
The principal focus of the third phase of the economic condition reporting project is to consider whether any additional economic condition information should be required or encouraged for inclusion in a government’s financial report, as well as what information, if any, would be appropriate for reporting in a separately issued document. |
Research Being Conducted |
Fund Balance Reporting |
This project will assess whether existing reporting requirements related to fund balance reporting adequately meet the needs of financial statement users and will consider potential changes to improve the usefulness of fund balance information. The project’s scope was expanded to include a review of current governmental fund definitions to determine if any clarifications are needed to enhance users’ understanding of the information present in those funds. |
Currently Being Deliberated |
Intangible Assets |
The aim of this project is to provide users of financial statements with more complete and comparable information about intangible assets used in providing government services. The project will expand upon the reporting requirements for such assets in Statement No. 34, Basic Financial Statements—and Management’s Discussion and Analysis—for State and Local Governments. |
Currently Being Deliberated |
Pollution Remediation Obligations |
This project will provide accounting guidance regarding recognition and disclosure of certain pollution remediation obligations and will set forth methods for measuring and reporting pollution remediation liabilities. |
Public Comments on Exposure Draft Currently Being Analyzed |
