GASB issued implementation guidance Monday that is intended to clarify, explain, or elaborate on some of the board’s accounting standards for state and local governments.
The guidance is included in Q&A format in Implementation Guide No. 2018-1, Implementation Guidance Update — 2018. The update contains new guidance on GASB standards on pensions, other postemployment benefits, the statistical section, regulatory reporting, and tax abatement disclosures.
Requirements in the implementation guide take effect for reporting periods beginning after June 15, 2018.
—Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is a JofA editorial director.
