GASB proposes implementation guidance

By Ken Tysiac

GASB issued a proposed implementation guide Wednesday that is intended to clarify, explain, or elaborate on statements the board has issued on state and local government financial reporting.

The wide variety of practice issues addressed in the proposed implementation guide include questions related to accounting for:

  • Pensions.
  • Cash flow statements.
  • The reporting entity.
  • Certain investments.
  • External investment pools.
  • Fund balance.
  • Tax abatements.

The proposed guide also would amend previously issued implementation guidance. Comments are requested on the exposure draft of Implementation Guide No. 201X-Y, Implementation Guidance Update—201X, by Jan. 31. Comments can be emailed to director@gasb.org.

Ken Tysiac (ktysiac@aicpa.org) is a JofA editorial director.

SPONSORED REPORT

6 key areas of change for accountants and auditors

New accounting standards on revenue recognition, leases, and credit losses present implementation challenges. This independently-written report identifies the hurdles that accounting professionals face and provides tips for overcoming the challenges.

PODCAST

How tax reform will impact individual taxpayers

Amy Wang, a CPA who is a senior technical manager for tax advocacy at the AICPA, answers to some of the most common questions on how the new tax reform law will impact individual taxpayers.