GASB updates guidance on application of standards

GASB on Monday issued Implementation Guidance Update — 2025, a guide updated for the first time in nearly two years that features questions and answers addressing how to apply GAAP to a variety of GASB standards.

The guide, according to a news release, offers application assistance to state and local governments for GASB standards on leases, accounting changes and error corrections, conduit debt obligations, cash flows reporting, compensated absences, and financial reporting model improvements. It also includes amendments to previously issued implementation guidance related to ownership of an asset and governmental fund type definitions.

Also, the Financial Accounting Foundation, which oversees GASB, is accepting applications through July 18 for a new member of GASB’s seven-member board to fill a seat set to open in July of 2026.

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