GASB Issues Statement Addressing Wide Range of Practice Issues.

New guidance from the Governmental Accounting Standards Board (GASB) addresses various accounting and financial reporting issues identified during the Implementation and application of certain GASB pronouncements or during the due process on other pronouncements, including:

* Accounting and financial reporting for exchange or exchange-like financial guarantees;

* Certain derivative instruments that are neither hedging derivative instruments nor Investment derivative Instruments;

* Clarification of certain provisions of:

* Statement No. 34, Basic Financial Statements--and Management's Discussion and Analysis--for State and Local Governments

* Statement No. 87, Leases

* Statement No. 94, Public-Private and Public-Public Partnership and Availability Payment Arrangements

* Statement No. 96, Subscription-Based Information Technology Arrangements;

* Replacing the original deadline for using the London Interbank Offered Rate as a benchmark interest rate for hedges of interest rate risk of taxable debt, with a deadline of...