GASB offers implementation guidance on standards

The Governmental Accounting Standards Board has proposed implementation guidance with questions and answers to clarify and explain some of GASB’s earlier standards and pronouncements.

The exposure draft, Implementation Guidance Update—2020, includes a set of proposed questions and answers on applying GASB’s standards on pertaining to financial reporting entities, fiduciary activities, leases, external investment pools, asset retirement obligations and conduit debt obligations. The document also contains some proposed amendments to previously issued implementation guidance.

Every year, GASB issues new and updated guidance to help state and local governments apply U.S. GAAP to specific facts and circumstances. GASB develops the guidance based on application issues raised during due process on GASB standards, questions that GASB receives throughout the year (mostly from governments and auditors), and concerns identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders.

GASB is asking for comments on the exposure draft by Jan. 31, 2020. Information about how to comment can be found at the beginning of the document.

Courtesy of GASB