GASB Releases Implementation Guidance on Recent Standards

The Governmental Accounting Standards Board has issued implementation guidance containing questions and answers to clarify some of its recent standards.

The guidance explains and further elaborates on recent GASB Statements on fair value measurement, tax abatement, pensions and other post-employment benefits.

Implementation Guide No. 2016-1, Implementation Guidance Update–2016, primarily addresses questions that have been raised about GASB’s recently issued standards on fair value and tax abatement disclosures. The guide also addresses various practice issues on other topics that have been brought to GASB’s attention and reinstates certain previously superseded questions and answers that have been updated for the effects of newly issued standards on pensions and other postemployment benefits.

The requirements of Implementation Guide 2016-1 are effective for reporting periods beginning after June 15, 2016. The downloadable guide is available for free from GASB’s website.