GASB Statement Requires Governments to Disclose Information on Tax Abatements

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NORWALK, Conn.--(BUSINESS WIRE)--The Governmental Accounting Standards Board (GASB) has issued final guidance that requires state and local governments for the first time to disclose information about tax abatement agreements. The disclosure requirements in GASB Statement No. 77, Tax Abatement Disclosures, are designed to provide financial statement users with essential information about these agreements and the impact that they have on a government’s finances. Governments often agree to abate

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