GASB proposes guidance for financial reporting model improvements

GASB issued for public comment a proposed Implementation Guide aimed at assisting state and local governments with reporting requirements related to subsidies in Statement No. 103, Financial Reporting Model Improvements.

Stakeholders are asked to review the proposal and comment by April 27.

The proposed implementation guidance on Financial Reporting Model Improvements — Subsidies contains eight new questions and answers that address the application of GASB requirements under Statement 103 related to subsidies, according to a news release. The proposed guide also includes amendments to Question 4.5 in Implementation Guide No. 2025-1, Implementation Guidance Update — 2025, also related to subsidies.

Guidance in GASB Implementation Guides, according to the news release, constitutes Category B GAAP, which is authoritative.

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