SEC Commission Daniel Gallagher is calling for Congress to mandate that municipal bond issuers us Government Accounting Standards Board standards. The Commissioner may ask Congress to limit municipalities ability to issue tax exempt securities if the issuer does not use GASB accounting standards.
In his speech at the Fixed Income Conference, the Commissioner highlighted the lack of disclosure concerning unfunded pension and other post-employment benefit liabilities. The implementation of GASB 67 & 68 will be a major step forward in the disclosure of pension related unfunded position.
