Local Government Studies ( IF 2.059 ) Pub Date : 2021-01-12 Jinhai Yu
ABSTRACT
Financial disclosure is crucial to achieve fiscal transparency and government accountability. In 2004, the Governmental Accounting Standards Board (GASB) issued Statement No. 45 to require the disclosure of information about other postemployment benefits (OPEB). Using a panel of U.S. counties and the bonds they issued between 1999 and 2012, this paper examines the effects of GASB 45 on municipal borrowing costs. GASB 45 increases borrowing costs of county governments, with the effects decreasing over time. GASB 45 has a larger effect on borrowing costs of county governments issuing bonds of lower credit quality and adopting the generally accepted accounting standards (GAAP).
中文翻译:
财务披露重要吗?GASB 45和市政借款费用
摘要
财务披露对于实现财政透明度和政府问责制至关重要。2004年,政府会计准则委员会(GASB)发布了第45号声明,要求披露有关其他离职后福利(OPEB)的信息。本文使用美国各县及其在1999年至2012年之间发行的债券,考察了GASB 45对市政借贷成本的影响。GASB 45增加了县政府的借贷成本,其影响随着时间的推移而降低。GASB 45对县政府发行信用质量较低的债券并采用公认会计准则(GAAP)的借款成本影响更大。