Does financial disclosure matter? GASB 45 and municipal borrowing costs
By: Yu, Jinhai
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Material type: 
BookPublisher: Local Government Studies Description: 48(3), Jun, 2022: p.534-555.Subject(s): Financial disclosure, Fiscal transparency, Accountability, Borrowing cost, GASB, OPEB
In:
Local Government StudiesSummary: 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). – Reproduced
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Articles
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Indian Institute of Public Administration | 48(3), Jun, 2022: p.534-555 | Available | AR128172 |
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). – Reproduced
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