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.

SPONSORED WHITE PAPER

Preparing the statement of cash flows

This instructive white paper outlines common pitfalls in the preparation of the statement of cash flows, resources to minimize these risks, and four critical skills your staff will need as you approach necessary changes to the process.

RESOURCES

Keeping you informed and prepared amid the COVID-19 crisis

We’re gathering the latest news stories along with relevant columns, tips, podcasts, and videos on this page, along with curated items from our archives to help with uncertainty and disruption.