United States

GASB Implementation Guide No. 2015-1


Governmental Accounting Standards Board (GASB) Statement No. 76, The Hierarchy of Generally Accepted Accounting Principles for State and Local Governments, reduced the hierarchy of generally accepted accounting principles (GAAP) for state and local governments to two categories. The first category of authoritative GAAP consists of GASB Statements of Governmental Accounting Standards. The second category includes GASB Implementation Guides, GASB Technical Bulletins and guidance from the American Institute of Certified Public Accountants that is cleared by the GASB. 

This elevated authoritative status for implementation guidance necessitated certain changes to existing guidance. Therefore, the GASB recently issued Implementation Guide No. 2015-1, which incorporates changes resulting from feedback received during the public exposure of all implementation guidance previously issued. The Guide provides guidance that clarifies, explains or elaborates on GASB Statements and Interpretations. Issues covered include the following, among several others:

  • Disclosure related to deposits with financial institutions, investments and reverse purchase agreements
  • Cash flows reporting
  • Risk financing and related insurance issues
  • Pensions – employer and plan accounting and reporting
  • Accounting and financial reporting for certain investments and for external investment pools
  • Postemployment benefits other than pensions – employer and plan accounting and reporting
  • Derivative instruments

The requirements of the Guide are effective for reporting periods beginning after June 15, 2015.