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- Title
GASB Statement No. 91: How the New Standard Improves Financial Reporting of Conduit Debt.
- Authors
Cansler, Suzanne
- Abstract
The Dormitory Authority of the State of New York (DASNY), a major issuer of municipal bonds, reported in its 2019 audited financial statements more than $57 billion in total liabilities and deferred inflows of resources. A CDO is not a present obligation and does not meet the definition of a liability for the issuer; therefore, it should not be reported in the financial statements since it is not the issuer's debt obligation. 14 The debt obligation is not a parity bond of the issue, nor is it crosscollateralized with other debt of the issuer. 46 JOURNAL OF GOVERNMENT FINANCIAL MANAGEMENT SPRING 2020 W hen a major civic project hangs in the balance because of funding problems, a notfor-profit entity might obtain financing from government issuers specializing in municipal bonds to help pay for it.
- Subjects
FINANCIAL statements; DEBT; SPECIAL purpose entities (Corporations); INTEREST rates; CAPITAL financing; COLLATERALIZED debt obligations; COMMERCIAL mortgage-backed securities; STUDENT loans
- Publication
Journal of Government Financial Management, 2020, Vol 69, Issue 1, p46
- ISSN
1533-1385
- Publication type
Article