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GASB Releases Implementation Guide No. 2021-1

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The GASB has issued Implementation Guide No. 2021-1, Implementation Guidance Update – 2021. The GASB periodically issues implementation guidance to assist practitioners in implementing GASB Statements and to answer frequently asked questions.
July 1, 2021

The GASB has issued Implementation Guide No. 2021-1, Implementation Guidance Update – 2021. 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.

The 2021 Implementation Guide contains new or revised questions and answers on the following topics:

  • Accounting and Financial Reporting for Derivative Instruments
  • Fiduciary Activities
  • Leases
  • Accounting and Financial Reporting for Nonexchange Transactions
  • Basic Financial Statements and Management’s Discussion and Analysis
  • Sales and Pledges of Receivables and Future Revenues

Most of the requirements of the Implementation Guidance are effective for fiscal years beginning after June 15, 2022, although the guidance in question 4.22 regarding potential short-term leases in effect upon the adoption of GASB Statement No. 87 is effective for periods beginning after June 15, 2021, and the guidance in question 5.1 regarding capitalization thresholds is effective for periods beginning after June 15, 2023. Earlier application is permitted if the pronouncement addressed by the question and answer has been implemented.

The full text of the Implementation Guide is available here.

 

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

 

 


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