GASB begins muni derivatives overhaul

The Governmental Accounting Standards Board (GASB) is to overhaul the rules on US public finance entities' accounting of derivatives, requiring trades to be reflected on balance sheet.

"We want to bring clarity and consistency," says Randal Finden, the project manager who is helping lead the initiative at the Connecticut-based accounting standards body. "Balance sheets must more clearly reflect the resources a government has, and the claims on those resources."

Some municipalities currently report

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