GASB proposes implementation guidance

By Ken Tysiac

Proposed implementation guidance issued Tuesday by GASB would provide state and local government financial statement preparers with questions and answers designed to clarify, explain, or elaborate on the board’s standards.

Implementation Guidance Update — 2019 proposes questions and answers to address the application of the board’s standards on many topics, including:

  • Cash flows reporting.
  • Post-employment benefits.
  • Derivative instruments.
  • Irrevocable split-interest agreements.
  • Tax abatement disclosures.

Amendments to previously issued implementation guidance also are proposed in the exposure draft. GASB is seeking comments on the proposal by Jan. 31.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

FEATURE

Maximizing the higher education tax credits

A counterintuitive strategy can save taxes by including otherwise excludable scholarships in gross income.

SPONSORED REPORT

Solving the lease accounting challenge

The challenges of the new lease accounting standard have been pervasive to say the least. In this free, independently-written report, you'll learn effective adoption strategies as well as resources for easing the transition to the new standard.