Web( GASB 65 Paragraph 13) Debt Issuance costs – Prepaid Insurance Assets Should be recognized as an Asset. (GASB ... Fees associate with issuance of long-term bonds such as Underwriter fees Assets Current-period Outflows of Resources (expenses) (GASB 65 Paragraph 15) Sale- Lease back transactions Gains - Assets Loss – Liabilities WebMunicipal bonds are typically issued with an optional redemption date or “call date” (i.e., prepayment date without penalty) approximately 10-years from the date of issuance. The optional redemption provision allows the government issuer to refinance the outstanding bonds with refunding bonds. Generally, when enough time passes and the call ...
AFR – Summary of Common Reporting Errors
WebSummary of Statement No. 23Accounting and Financial Reporting for Refundings of Debt Reported by Proprietary Activities(Issued 12/93) This Statement establishes standards of accounting and financial reporting for current refundings and advance refundings resulting in defeasance of debt reported by proprietary activities-that is, proprietary ... WebApr 19, 2024 · Updated April 19, 2024 Governments issue bonds to finance large capital projects such as the construction of schools or roads. A bond issue incurs … death toilet 4
GASB 75 & OPEB Frequently Asked Questions - New York …
GASB 65 paragraph 15, eliminates the amortization of issuance costs, except for prepaid insurance. A portion of the proceeds of long-term debt may be withheld for issuance costs (for example, underwriter’s fees) due in connection with the debt issuance. Discounts resulting from the withholding of … See more The issuance of long-term debt is treated as an other financing source rather than as revenue. The amount reported equals the face valueof the debt. See more An agency issues bonds with a face value of $10,000. The agency received $9,600 in proceeds from the sale. The balance of $400 represents the amount withheld for underwriter’s fees … See more The following occurs when debt is issued at a premium: 1. Stated rate of interest is higherthan the comparable market rate on interest at time of issuance 2. Proceeds received are morethan face value 3. Reported as a … See more WebGASB 65 Verify that Bond issuance costs, EXCEPT FOR PREPAID INSURANCE, do not appear on the Statement of Net Position. They should be expensed in the current year. GASBS 65 ¶15 Verify that deferred gains and losses on refunding debt appear as a deferred inflow of resources if a loss and a deferred outflow of resources if a gain. GASBS 65 ¶6 WebJul 1, 2024 · Specifically, we investigate whether deferred flows information is associated with new issue municipal bond interest costs with the implementation of GASB … death to jar sauce book