The GASB has issued an implementation guide to provide some additional guidance related to several GASB statements. The implementation guide contains additional questions and answers to provide further clarification and guidance to practitioners for recently issued standards.
The new questions and answers cover the following topics:
- Subscription-based information arrangements
- Accounting changes
The guidance contained in the implementation guide is effective as follows:
- For fiscal periods beginning after June 15, 2023 relating to leases and subscription-based information arrangements with early application encouraged. The changes, if any, should be reported as a change in accounting principle under GASB Statement No. 100, Accounting Changes and Error Corrections- An Amendment of GASB 62. If the questions are adopted prior to GASB Statement No. 100, the provisions in those questions should be applied retroactively by restating financial statements, if practicable, for all prior periods presented. If restatement for prior periods is not practicable, the cumulative effect, if any, of applying this guidance should be reported as a restatement of beginning net position (or fund balance or fund net position, as applicable) for the earliest period restated.
- For fiscal periods beginning after June 15, 2023 relating to accounting changes simultaneously with the requirements of GASB Statement No. 100 unless GASB Statement No. 100 has been implemented prior to June 15, 2023, which then the questions relating to accounting changes would be effective for fiscal periods beginning after June 15, 2023.
The full text of the implementation guide is available here