[Nancy]

NINJA Question –

Is the below question correct or is this a typo??? Shouldn’t the question read GASB not GAAP?

Which of the following is information required by GAAP that governments must disclose related to debt and lease obligations?

A.
Principal and interest requirements to maturity, presented separately, for the subsequent fiscal year and in 5-year increments thereafter

Incorrect B.
Principal and interest requirements to maturity, presented separately, for each of the three subsequent fiscal years and in 5-year increments thereafter

C.
Principal and interest requirements to maturity, presented separately, for each of the five subsequent fiscal years and in 5-year increments thereafter

D.
Principal and interest requirements to maturity, presented separately, for each of the four subsequent fiscal years and in 5-year increments thereafter

You answered B. The correct answer is C.

GASB 1500.129 requires disclosure of principal and interest requirements to maturity, presented separately, for each of the five subsequent fiscal years and in 5-year increments thereafter.

For I can do everything through Christ, who gives me strength.
Philippians 4:13