GASB publishes implementation guidance on various issues

By Ken Tysiac

Application guidance on GASB’s state and local government accounting standards for derivative instruments, fiduciary activities, leases, and nonexchange transactions is included in a new implementation guide the board issued Wednesday.

The guide also includes amendments to previously issued implementation guidance on the financial reporting model, sales and pledges, and intra-entity transfers.

GASB periodically issues new and updated guidance to assist in the application of standards related to specific facts and circumstances that state and local governments encounter.

The guidance in GASB implementation guides is cleared by the board and constitutes Category B GAAP. If the accounting treatment for a transaction or other event is not specified by pronouncement in the GASB statements’ officially established accounting principles (Category A GAAP), a governmental entity should consider whether the accounting treatment is specified by a source in Category B.

Ken Tysiac ( is the JofA’s editorial director.

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