GASB Establishes Guidance to Assist with Implementation and Application of Various Pronouncements
The Governmental Accounting Standards Board (GASB) recently issued guidance intended to clarify, explain, or elaborate on the implementation and application of certain GASB Statements.
Implementation Guide No. 2019-1, Implementation Guidance Update–2019, addresses new questions about application of the Board’s standards on multiple topics, including but not limited to:
- Derivative instruments
- Disaster-related expenditure-driven grants
- Irrevocable split-interest agreements
- Postemployment benefits
- Tax abatement disclosures
- Transfers of capital assets within a financial reporting entity
Implementation Guide 2019-1 also includes amendments to previously issued implementation guidance.
The requirements of Implementation Guide 2019-1 are effective for reporting periods beginning after June 15, 2019. Early application is encouraged for guidance related to standards that already have been implemented.
The guide is free to download on the GASB website.