GASB issues ED on escheat property. (Governmental Accounting Standards Board exposure draft) (Brief Article)

The Governmental Accounting Standards Board issued an exposure draft that would establish standards for the fund type to be used in reporting escheat property (property that reverts to the government because there are no legal claimants or heirs and usually is subject to recovery by legal claimants) as well as liabilities and interfund transfers related to such property.

According to the GASB, practitioners' differing interpretations of current standards dealing with escheat property can lead to different accounting treatments for similar property.

The proposed standard, …