New GASB guide assists with implementation

By Ken Tysiac

GASB issued an implementation guide Thursday 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.

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.

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

Where to find September’s flipbook issue

The Journal of Accountancy is now completely digital. 

 

 

 

SPONSORED REPORT

2022 Payroll Update

Employees working remotely have created numerous issues for employers. The 2022 Payroll Update report provides insight on remote workforce tax issues, pandemic payroll issues and employer credits, and worker classification issues in the gig economy.