The Governmental Accounting Standards Board invites you to participate in a field test of the Exposure Draft, Certain Asset Retirement Obligations, issued in December 2015 and available for public comment until March 31, 2016. The Exposure Draft can be found here. The GASB would like to gather feedback from preparers of governmental financial statements on (1) potential implementation difficulties, (2) the costs associated with the initial and ongoing implementation of the proposed standard, and (3) whether any provisions of the proposed standard are unclear.
Field tests are a part of the GASB’s due process activities and help the GASB to establish effective standards. Participating entities volunteer to go through the exercise of “implementing” the proposal as if it were in place and then provide feedback to the GASB regarding that process. A fact sheet describing the benefits of participating in a field test and what participation involves is available on the GASB website and can be found here. The feedback that you provide will be considered by the Board in development of a final Statement. Participants would be expected to complete and return the field test results to GASB by March 31, 2016.
If you are willing to participate or have any questions, please contact project team member Brett Riley at [email protected] or 203-956-5216, or lead project manager, Jialan Su at [email protected] or 203-956-5339, by Friday, February 5, 2016.