GASB Issues Exposure Draft On Affiliated Organizations.(Governmental Accounting Standards Board)(Brief Article)

Financial Executive, October, 2001 by Heffes, Ellen M.

The Governmental Accounting Standards Board (GASB) has issued a revised Exposure Draft, The Financial Reporting Entity - Affiliated Organizations, to amend Statement No. 14, The Financial Reporting Entity. The proposal is intended to provide additional guidance to determine if an affiliated organization is a component unit of a financial reporting entity. Affiliated organizations may include certain foundations and other not-for-profit groups associated with colleges and universities, hospitals, school districts, museums, libraries and other governmental entities.

GASB Project Manager Joseph C. Blythe noted that the revised Exposure Draft "responds to the commitment made in Statement 14 to conduct additional research on organizations that, due to the nature...

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