comment: government financial reporting proposal.

• Position: IRS NEWS

The Governmental Accounting Standards Board is seeking comments on a proposal that would provide U.S. state and local governments with standards for financial reporting regarding government combinations (mergers, acquisitions, and transfers of operations) and disposals (sales and transfers) of government operations. Specifically, the proposal would require state and local governments to:

* Identify whether a government combination is a government merger, government acquisition, or a transfer of operations;

* Use carrying values to measure the assets and...