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GASB Issues Implementation Guidance

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The GASB recently issued GASB Implementation Guide No. 2018-1, Implementation Guidance Update – 2018. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.
August 1, 2018

The GASB recently issued GASB Implementation Guide No. 2018-1, Implementation Guidance Update – 2018.

The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions. The implementation guidance takes the form of questions and answers on a variety of governmental accounting topics. The GASB generally issues an update to the implementation guidance each year, which contains new or revised questions and answers derived from questions the GASB has received or implementation issues that the GASB has observed.

Implementation Guide No. 2018-1 contains new questions and answers on the following topics:

  • Pensions – Employer Accounting and Reporting
  • Post Employment Benefits Other Than Pensions – Plan Reporting
  • The Statistical Section
  • Regulated Utilities
  • Tax Abatement Disclosures


Additionally, Implementation Guide No. 2018-1 contains revised questions and answers on the following topics that were initially addressed in previous Implementation Guides:

  • Disclosures Related to Deposits, Investments, and Reverse Repurchase Agreements
  • Cash Flows Reporting
  • Depreciation for Library Books
  • Net Position
  • The Statistical Section
  • Tax Abatement Disclosures


The requirements of the Implementation Guide are effective for fiscal years beginning after June 15, 2018. Earlier application is permitted if the pronouncement addressed by the question and answer has been implemented.

The full text of Implementation Guide No. 2018-1 is available here.

 

Readers should not act upon information presented without individual professional consultation.

 

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