GASB issued implementation guidance Thursday that is intended to clarify, explain, or elaborate on recent standards issued for state and local government financial reporting.
Questions on standards recently issued by GASB on fair value and tax abatement disclosures are the primary issues addressed in 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In addition, the guide reinstates certain previously superseded questions and answers that have been updated for the effects of newly issued standards on pensions and other post-employment benefits.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.
—Ken Tysiac (firstname.lastname@example.org) is a JofA editorial director.