In separate exposure drafts, GASB recently issued proposals related to capitalization of interest costs and implementation of recent pronouncements. The board also issued an implementation guide for the new state and local government accounting standard for other post-employment benefits (OPEB).
One ED, Accounting for Interest Cost During the Period of Construction, proposes guidance intended to enhance the relevance and comparability of information about capital assets and the cost of borrowing for a reporting period. It also is designed to simplify accounting for interest cost incurred during the period of construction.
Comments on this ED are due March 5 and can be emailed to email@example.com.
The proposed implementation guide, Implementation Guidance Update — 201Y, contains questions and answers intended to clarify, explain, or elaborate on GASB Statements. Guidance is proposed on various topics, including pensions, other post-employment benefits, the statistical section, regulatory reporting, and tax abatement disclosures. Amendments to previously issued implementation guidance also are included. Comments on this ED were due Feb. 16 at firstname.lastname@example.org.
In addition, GASB issued an implementation guide with questions and answers about the new state and local government accounting standard for OPEB.
The standard addresses accounting for nonpension post-employment benefits, which primarily consist of retiree health care. Implementation Guide No. 2017-3, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions (and Certain Issues Related to OPEB Plan Reporting), provides implementation guidance for GASB Statement No. 75 and addresses some issues related to GASB Statement No. 74.
Questions and answers contained in GASB implementation guides constitute Category B authoritative guidance under GAAP.