GASB issues implementation guidance

The Governmental Accounting Standards Board (GASB) recently issued Implementation Guide No. 2021-1, Implementation Guidance Update – 2021, to provide guidance that clarifies, explains or elaborates on recent GASB Statements. The implementation guide addresses a wide array of practice issues, including questions related to the application of standards on derivative instruments, fiduciary activities, leases and nonexchange transactions. The implementation guide also addresses amendments to previously issued implementation guidance on the financial reporting model, sales and pledges of receivables and future revenues, and intra-entity transfers of assets and future revenues. There are various effective dates for the questions and answers included within the implementation guide.