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<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Good Morning CAFR Contacts,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Please see the email below regarding a recently issued exposure draft on certain debt extinguishment issues. I think it would be beneficial to have a single State
of Oregon response to this exposure draft, should one be warranted. <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">If you have a comment on this exposure draft, please provide it to me by close of business on Friday, September 30.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A">Rob<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
<p class="MsoNormal"><b><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Robert W. Hamilton, CPA<o:p></o:p></span></b></p>
<p class="MsoNormal"><b><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Statewide Accounting and Reporting Services Manager</span></b><b><span style="font-family:"Verdana",sans-serif;color:#353535"><o:p></o:p></span></b></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Chief Financial Office</span><span style="color:#44546A"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Department of Administrative Services</span><span style="font-size:8.0pt;color:#44546A"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#44546A">Phone: (503) 373-0299<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#44546A"><a href="http://www.oregon.gov/DAS/financial/acctng"><span style="color:blue">http://www.oregon.gov/DAS/financial/acctng</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;color:#44546A"> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:8.0pt;font-family:"Verdana",sans-serif;color:#353535">Data Classification: Level 1 - Published</span><span style="font-size:8.0pt;color:#44546A"><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif;color:#44546A"><o:p> </o:p></span></p>
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<p class="MsoNormal"><b>From:</b> O'Ryan, Kim [mailto:koryan@nasact.org] <br>
<b>Sent:</b> Monday, August 29, 2016 10:33 AM<br>
<b>To:</b> NASCComptrollers <NASCComptrollers@nasact.org>; NSAAAuditors <NSAAAuditors@nasact.org>; StateTreasurers <StateTreasurers@nasact.org>; NASCCAFR <NASCCAFR@nasact.org>; NASACTCARA <NASACTCARA@nasact.org>; NSAA2017AuditStandardandReportingCommittee <NSAA2017AuditStandardsandReportingCommittee@nasact.org><br>
<b>Cc:</b> NASCComptrollersCCs <NASCComptrollersCCs@nasact.org>; NSAAAuditorsCCs <NSAAAuditorsCCs@nasact.org>; StateTreasurersCCs <StateTreasurersCCs@nasact.org><br>
<b>Subject:</b> GASB Exposure Draft - Certain Debt Extinguishment Issues<o:p></o:p></p>
</div>
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<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">To: NASACT Members<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"> Members of NASACT’s Committee on Accounting, Reporting and Auditing<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"> Members of NASC’s Committee on Accounting and Financial Reporting<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"> Members of NSAA’s Audit Standards and Reporting Committee<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"> <o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">The Governmental Accounting Standards Board recently issued an Exposure Draft (ED) document entitled
<i>Certain Debt Extinguishment Issues</i>. The proposed Statement would provide guidance for transactions in which only existing resources are placed in a trust for the purpose of extinguishing debt.
</span> <span style="font-family:"Arial",sans-serif">The ED proposes uniform accounting and financial reporting guidance for debt that is “defeased in substance,” regardless of the source of the resources that are placed in a trust.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal" style="text-autospace:none"><span style="font-family:"Arial",sans-serif">The Board has asked for comments on all matters in the ED, including comments on any aspects with which you agree as well as any with which you disagree. The Board
requests that you explain the reasons for your views, including alternatives that you believe should be considered. Where possible, please provide a paragraph reference for your comments.
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">T<span style="color:black">he
</span>ED<span style="color:black"> can be downloaded from the GASB’s website at:
</span><a href="http://www.gasb.org/"><span style="color:blue">http://www.gasb.org/</span></a>
<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif;color:black">NASACT will be preparing an Association position on th</span><span style="font-family:"Arial",sans-serif">e ED<span style="color:black">. In order to meet the GASB’s deadline of</span>
October 28<span style="color:black">, 201</span>6<span style="color:black">, please send your comments to us no later than
</span><b>Frid<span style="color:black">ay, </span>October 7</b><span style="color:black">.<b>
</b></span><b> </b>Please<span style="color:black"> contact one of us if you have any questions.<o:p></o:p></span></span></p>
<p class="MsoNormal"><span style="font-size:10.0pt;font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Thank you,<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif">Kim O’Ryan<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><a href="mailto:koryan@nasact.org" title="blocked::mailto:koryan@nasact.org"><span style="color:blue">koryan@nasact.org</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif;color:black">Sherri Rowland<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-family:"Arial",sans-serif"><a href="mailto:srowland@nasact.org" title="blocked::mailto:srowland@nasact.org
mailto:srowland@nasact.org
blocked::mailto:srowland@nasact.org"><span style="color:blue">srowland@nasact.org</span></a><o:p></o:p></span></p>
<p class="MsoNormal"><o:p> </o:p></p>
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