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Selling or pledging future cash flows: guidance from the Governmental Accounting Standards Board on selling or pledging future cash flows must be implemented starting with fiscal years that end December 31, 2007.(The Accounting Angle)
In September 2006, the Governmental Accounting Standards Board (GASB) issued GASB Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues. The new standard offers authoritative guidance on:
* Accounting for cash received in exchange for rights to the collection of specific receivables
* Accounting for cash received in exchange for rights to specific future revenue streams
* Accounting for the transfer of assets within the financial reporting entity
* Note disclosure requirements applicable to all pledges of specific future revenues.
The new pronouncement must be implemented starting with fiscal years that end December 31, 2007. Earlier implementation is encouraged.
CASH FOR RECEIVABLES
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Source: HighBeam Research, Selling or pledging future cash flows: guidance from the Governmental...