The GASB issued an Exposure Draft that contains 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 proposed implementation guidance contains several new questions and answers as well as amendments to previously issued Q&As.

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

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 - Plan and Employer Accounting and Reporting

The requirements of this proposed implementation guidance would be effective for reporting periods beginning after June 15, 2020 or December 15, 2020 depending on the applicable standard’s effective date to which the proposed Q&As would apply.

Comments are due January 31, 2020 and should be addressed to the Director of Research and Technical Activities Project No. 24-16e via email at director@gasb.org.

The full text of the Exposure Draft is available here.

 

 

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Published: 01/02/2020

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