GASB proposes implementation guidance on leases, subscription-based tech and more

The Governmental Accounting Standards Board issued proposed implementation guidance Tuesday in the form of questions and answers to clarify different pronouncements involving leases, subscription-based IT arrangements and other accounting changes for local and state governments.

The exposure draft includes amendments to previously issued implementation guidance on leases and aims to help state and local governments apply U.S. GAAP to specific facts and circumstances they encounter. The guidance is based on application issues raised during due process on GASB pronouncements and during the first stage of GASB's post-implementation reviews of the leases standards, in addition to questions GASB receives throughout the year, and topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders.

GASB is asking for comments on the exposure draft by Jan. 20, 2023.

Courtesy of GASB