United States

GASB releases implementation guidance

FINANCIAL REPORTING INSIGHTS  | 

The Governmental Accounting Standards Board (GASB) recently issued Implementation Guide No. 2019-1, Implementation Guidance Update – 2019, to provide guidance that clarifies, explains and elaborates on recent GASB Statements. The implementation guide addresses a wide array of practice issues, including questions related to standards on postemployment benefits, derivative instruments, nonexchange transactions, fund balance reporting, tax abatement disclosures, irrevocable split-interest agreements, and pensions, among others.

The requirements of the Implementation Guide are effective for reporting periods beginning after June 15, 2019.