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GASB provides guidance on application of standards

By Kevin Brewer

Please note: This item is from our archives and was published in 2023. It is provided for historical reference. The content may be out of date and links may no longer function.

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GASB issued implementation guidance on Monday intended to clarify, explain, or elaborate on a series of GASB pronouncements.

The guidance, Implementation Guide No. 2023-1, Implementation Guidance Update — 2023, contains new questions and answers that address applying GASB standards on leases, subscription-based information technology arrangements, and accounting changes. The guide includes amendments to previously issued implementation guidance on leases.

According to the news release, GASB periodically issues new and updated guidance to assist state and local governments in applying GAAP.

GASB develops the guidance based on:

  • Application issues raised during due process on GASB pronouncements,
  • Application issues identified during the first stage of the GASB’s post-implementation reviews of the leases standards,
  • Questions it receives throughout the year; and
  • Topics that members of the Governmental Accounting Standards Advisory Council and other stakeholders identify.

The guidance in implementation guides constitutes Category B GAAP, according to the news release.

To comment on this article or to suggest an idea for another article, contact Kevin Brewer at Kevin.Brewer@aicpa-cima.com.