Acc 380 Week 2 Assignment

GASB Article Statement No. 49 Before diving directly into the article from the Governmental Accounting Standards Board (GASB) titled Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution (2006), one must first take a step back and take time to read, comprehend, and take to heart exactly what this organization stands for. Taken directly from their main web page under the tab labeled Education, the first thing seen in big, bold, blue letters is, “Due Process: The GASB Is Listening” followed by a definition of what listening means, “to hear with thoughtful attention”. When researching a little more into the GASB, it is easy to see how crucial listening truly is for them in order to fully accomplish their mission, which is basically to fully, and carefully consider all issues in regards to the protection of their constituents. Now that the GASB has been explained a little which providing an understanding of the position of the GASB, it is, at this point, appropriate to explain the details and specifics of the of the aforementioned article. The article discusses the apparent need for stricter regulations for state and local governments in regards to reporting and estimating the treatment of pollution and its costs; the article stated that as of December 2006, there is not a specific set of guidance set up for governments to utilize, stating that is the source of a lot of issues (para. 1). Since the need is quite indubitable, and the main concern for the GASB is to listen to the needs of its constituents and finding the absolute best solution, they have constructed and issued Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Obligations, which offers guidance to those governments which would be qualified as requiring it. There are five different events and circumstances in Statement No. 49 which help the government by providing specifics as to when they should comply with its requirements. These

References: G.A.S.B. (2006). Governments to Report Liabilities Connected with Their Obligations to Clean Up Pollution. Retrieved from: http://gasb.org/cs/BlobServer?blobkey=id&blobwhere=1175820452851&blobheader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs G.A.S.B. (n.d.). Due Process: The GASB Is Listening. Retrieved from: http://gasb.org/cs/ContentServer?c=Page&pagename=GASB%2FPage%2FGASBSectionPage&cid=1176156714567