GASB issues implementation guidance
FINANCIAL REPORTING INSIGHTS |
The Governmental Accounting Standards Board (GASB) recently issued Implementation Guide No. 2020-1, Implementation Guidance Update – 2020, 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 the financial reporting entity, fiduciary activities, leases, external investment pools, certain asset retirement obligations, and conduit debt obligations, among others. The implementation guide also addresses amendments to certain questions and answers addressed in previously issued implementation guides. There are various effective dates for the requirements of the implementation guide.