United States

GASB Implementation Guide No. 2016-1

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board (GASB) recently issued Implementation Guide No. 2016-1, Implementation Guidance Update – 2016. The Guide primarily addresses questions regarding the GASB’s recently issued standards on fair value and tax abatement disclosures. The Guide also addresses a wide array of practice issues on other topics that have been brought to the GASB’s attention. The requirements of the Guide are effective for reporting periods beginning after June 15, 2016.