GASB proposes new implementation guidance on leases and more

The Governmental Accounting Standards Board has released an exposure draft of proposed implementation guidance on a number of topics, including leases and fiduciary activities.

The Implementation Guidance Update, which takes the form of questions and answers, also proposes amendments to some previously issued implementation guidance.

When GASB propose new or updated guidance, it’s based on:

• Application issues raised during due process on GASB statements;
• Questions the board receives throughout the year, primarily from governments and auditors; and,
• Topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders.

The board is looking for stakeholder feedback on the proposed guidance by Feb. 15, 2021. Details on how to comment are included at the beginning of the exposure draft.