The Governmental Accounting Standards Board has released guidance in the form of questions and answers to help state and local governments apply its standards.
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Implementation Guide No. 2019-1, Implementation Guidance Update–2019, answers questions about the application of GASB Statements on a variety of topics, including derivative instruments, disaster-related expenditure-driven grants, irrevocable split-interest agreements, postemployment benefits, tax abatement disclosures and transfers of capital assets within a financial reporting entity.
The latest guide also includes amendments to some previously issued implementation guidance. Its requirements are effective for reporting periods starting after June 15, 2019, though GASB is encouraging early application for guidance related to standards that already have been implemented.
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