The GASB is soliciting participants for a field test it is conducting as part of its fund balance reporting and governmental fund type definitions project. In mid-February, the Board approved an Exposure Draft of a Statement, Fund Balance Reporting and Governmental Fund Type Definitions, that is set for publication on the GASB website (www.gasb.org) on February 29.  

Entities interested in participating in the fund balance reporting field test should contact GASB Senior Technical Advisor Ken Schermann either by email at krschermann@gasb.org or by telephone at (203) 956-5206. Additional information about GASB field tests is available at http://www.gasb.org/facts/field_test_fact_sheet.pdf. 

The proposed Statement is designed to enhance the usefulness of fund balance information by providing clearer fund balance classifications that can be more consistently applied and by clarifying the existing governmental fund type definitions. Field tests are a part of the Governmental Accounting Standards Board’s due process activities and help the GASB to establish effective standards. Participating governmental entities volunteer to go through the exercise of “implementing” the proposed standards and then providing feedback to the GASB regarding that process. Field tests point out potential problems related to the implementation of proposed standards and allow the GASB to gather valuable information about implementation costs. Any type of U.S. state or local governmental entity that reports governmental funds is eligible to participate.