GASB issues implementation guide

The publication can aid in application.

GASB issued an implementation guide that is designed to assist state and local government financial reporting personnel as they adopt and apply certain GASB statements.

New questions about the application of GASB's standards are addressed in Implementation Guide No. 2019-1, Implementation Guidance Update — 2019, which is available at gasb.org.

Some of the topics addressed include:

  • Derivative instruments.
  • Disaster-related, expenditure-driven grants.
  • Irrevocable split-interest agreements.
  • Post-employment benefits.
  • Tax abatement disclosures.
  • Transfers of capital assets within a financial reporting entity.

The guide also includes amendments to previously issued implementation guidance. The requirements of Implementation Guide 2019-1 take effect for reporting periods beginning after June 15, 2019. GASB encourages early application for guidance related to standards that already have been implemented.

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