GASB proposes new implementation guidance

GASB issued proposed implementation guidance Tuesday to its standards for state and local government accounting.

The proposal, Implementation Guidance Update — 2021, contains Q&A guidance addressing application of GASB standards on lease accounting, fiduciary activities, and other topics. The exposure draft also proposes amendments to previously issued implementation guidance.

The guidance in GASB implementation guides is cleared by the board and constitutes Category B GAAP. Comments on the proposed implementation guide will be accepted through Feb. 15 and can be emailed to director@gasb.org.

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