A news release said that the new rules, issued by the Government Accounting Standards Board (GASB), update risk disclosure regulations for all state and local government entities, effective with financial statements for periods beginning June 15, 2004.
The new reports are available through Mellon’s Workbench reporting tool:
- Foreign Currency Risk Exposure
- Credit Risk Concentration
- Interest Rate Risk
- Credit Risk by Quality.
Information in the reports will be derived both from Mellon’s accounting data and Russell/Mellon’s analytics data, offering clients flexibility when extracting the detailed information needed to become GASB-compliant, according to the news release.
GASB 40 addresses the deposit and investment risk disclosures of public fund assets, dividing risk into four major categories: credit, concentration of credit, interest rate and foreign currency. Organizations affected by the new rules include public employee retirement systems, public benefit corporations and authorities, as well as public utilities, hospitals, health care providers, colleges and universities, according to the announcement.