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GASB Establishes New Guidance To Assist With The Implementation And Application Of Various Pronouncements

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The GASB has issued Implementation Guide No. 2019-1, Implementation Guidance Update – 2019. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.

June 3, 2019

The GASB has issued Implementation Guide No. 2019-1, Implementation Guidance Update – 2019.

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. 2019-1 contains new questions and answers on the following topics:

  • Postemployment Benefits – Plan and Employer Accounting and Reporting
  • Accounting and Financial Reporting for Derivative Instruments
  • Accounting and Financial Reporting for Nonexchange Transactions
  • Accounting and Financial Reporting for Impairment of Capital Assets and for Insurance Recoveries
  • Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues
  • Fund Balance Reporting and Governmental Fund Type Definitions
  • Tax Abatement Disclosures
  • Irrevocable Split-Interest Agreements

Additionally, Implementation Guide No. 2019-1 contains revised questions and answers on the following topics that were initially addressed in previous Implementation Guides:

  • The Financial Reporting Entity
  • Pensions – Plan and Employer Accounting and Reporting
  • Postemployment Benefits Other Than Pensions: Plan and Employer Accounting and Reporting
  • Accounting and Financial Reporting for Derivative Instruments

The requirements of the Implementation Guide are effective for fiscal years beginning after June 15, 2019. Earlier application is encouraged if the pronouncement addressed by the question and answer has been implemented. The full text of the Implementation Guide can be found here.

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

 


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