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GASB addresses questions about fair value, tax abatement

A new implementation guide clarifies practice issues.

Please note: This item is from our archives and was published in 2016. It is provided for historical reference. The content may be out of date and links may no longer function.

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Implementation guidance from GASB addresses questions about new standards for state and local government financial reporting.

Fair value and tax abatement disclosures are the primary issues for Implementation Guide No. 2016-1, Implementation Guidance Update—2016.

In addition, the guide reinstates certain previously superseded questions and answers that have been updated for the effects of newly issued standards on pensions and other post-employment benefits. Other practice issues also are addressed in the implementation guide, which takes effect for reporting periods beginning after June 15, 2016.