United States

GASB issues implementation guidance

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board (GASB) recently issued GASB Implementation Guide No. 2017-1, Implementation Guidance Update – 2017, to provide guidance that clarifies, explains or elaborates on GASB Statements. The implementation guidance addresses a wide array of practice issues, including questions related to pension plan and employer accounting and reporting; cash flows reporting; the financial reporting entity; accounting for certain investments and external investment pools; fund balance reporting; and tax abatement disclosures.

The requirements of the implementation guide are effective for reporting periods beginning after June 15, 2017.