According to the announcement, J.P. Morgan recently introduced its new Government Accounting Standards Board (GASB) reporting product, which was designed to assist public funds comply with the GASB Statement Number 53, Accounting and Financial Reporting for Derivatives Instruments. The objective of the new GASB requirements is to enhance the usefulness and comparability of derivative information reported by state and local governments (see GASB Releases Investment Reporting Updates).
The firm notes that its online reporting capabilities assists clients as they prepare the Summary Information financial statement disclosures by providing detail and summary reports for the types of derivatives, the fair value of derivatives at the end of the reporting period and changes in fair value in the reporting period. J.P. Morgan also provides expertise and reporting to help its clients to complete disclosures about the risks associates with investment derivatives: credit risk, interest-rate risk and foreign-currency risk.
The GASB 53 reporting product is the latest addition to J.P. Morgan’s suite of regulatory reporting capabilities, which includes: GASB 40, ASC Topic 815 (FAS 161) and ASC Topic 820 (FAS 157).
“The public pension fund segment is an important area of focus for us,” said Mark Settles, Pensions Executive – Americas, J.P. Morgan Worldwide Securities Services. “Against a backdrop of heightened legal and regulatory requirements, we are continually investing in new functionalities and reporting tools to meet the needs of our clients.”
More information is available at http://www.jpmorgan.com/visit/wss.