The GASB issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on various standards including, the financial reporting entity, fiduciary activities, leases, external investment pools, asset retirement obligations, and conduit debt obligations. The implementation guidance contains several new questions and answers, as well as amendments to previously issued questions and answers.

New Questions And Answers

• The Financial Reporting Entity
•  Accounting and Financial Reporting for Certain Investments and for External Investment Pools
•  Fiduciary Activities
• Leases
• Other Implementation Guidance
• Conduit Debt Obligations

Amendment To Previously Issued Questions And Answers

• Pensions- Plan and Employer Accounting and Reporting
• Accounting and Financial Reporting for Certain Investments and for External Investment Pools
• Postemployment Benefits Other Than Pension (OPEB)- Plan and Employer Accounting and Reporting

Deferral of effective date of certain questions and answers in Implementation Guide 2019-02 related to guidance on Statement No. 84 involving pension plan or OPEB plans.

The requirements of this implementation guidance are effective for reporting periods beginning with periods beginning after June 15, 2021 or December 15, 2021 depending on the applicable standard’s effective date to which the questions and answers apply. Early application is encouraged.

The full text of the Implementation Guide is available here.

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