The GASB has issued an Exposure Draft to provide additional guidance related to several GASB standards. The GASB has proposed some additional questions and answers to provide further clarification and guidance to practitioners for recently issued standards.
The proposed new questions and answers cover the following topics:
- Subscription-based information arrangements
- Accounting changes
Written comments may be submitted by January 20, 2023 addressed to the Director of Research and Technical Activities, Project No. 24-16g, and emailed to email@example.com.
The proposed Statement would be effective as follows:
- For fiscal periods beginning after June 15, 2023, relating to leases and subscription-based information arrangements, early application is 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 (GASB 100). If Exposure Draft provisions 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, accounting changes would be implemented simultaneously with the requirements of GASB Statement No. 100 unless GASB Statement No. 100 has been implemented prior to June 15, 2023. If GASB Statement No. 100 has been previously implemented, the accounting changes would be effective for fiscal periods beginning after June 15, 2023.
The full text of the Exposure Draft is available here
Readers should not act upon information presented without individual professional consultation.