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GASB Update: Was Your Transaction a Sale or a Pledge?
The Governmental Accounting Standards Board has issued Statement No. 48 (GASB 48), “Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues.” Although these transactions are more common today, governments have received little guidance on how to report them in their financial statements. GASB 48 now provides them with consistent recognition and disclosure requirements for the transactions, according to author Todd Buikema. Download PDF
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