This Statement also establishes minimum requirements for the financial statements to be presented and the disclosures to be made in the separate financial reports of governmental external investment pools. A governmental entity that sponsors one or more external investment pools should report the external portion of each pool as an investment trust fund that reports transactions and balances using the economic resources measurement focus and the accrual basis of accounting. This Statement establishes minimum requirements for the financial statements to be presented and the disclosures to be made in the sponsor's report concerning those pools, including expanded disclosure requirements if separate pool financial reports are not issued. It also provides standards for reporting individual investment accounts that a governmental entity provides to other entities. The provisions of this Statement are effective for financial statements for periods beginning after June 15, 1997.
Earlier application is encouraged.
Unless otherwise specified, pronouncements of the GASB apply to financial reports of all state and local governmental entities, including general purpose governments, public benefit corporations and authorities, public employee retirement systems, utilities, hospitals and other healthcare providers, and colleges and universities. Paragraphs 2 through 6 discuss the applicability of this Statement. Copyright by Governmental Accounting Standards Board. All Rights Reserved. Used by Permission.