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GASB establishes new guidance to assist stakeholders with the implementation and application of various pronouncements

Written on May 7, 2019

GASB has issued question-and-answer guidance intended to clarify, explain or elaborate on the implementation and application of certain GASB Statements.

Implementation Guide No. 2019-1, Implementation Guidance Update–2019, addresses new questions about application of the Board’s standards on multiple topics, including but not limited to:

  • Derivative instruments
  • Disaster-related expenditure-driven grants
  • Irrevocable split-interest agreements
  • Postemployment benefits
  • Tax abatement disclosures
  • Transfers of capital assets within a financial reporting entity

Implementation Guide 2019-1 also includes amendments to previously issued implementation guidance.

The requirements of Implementation Guide 2019-1 are effective for reporting periods beginning after June 15, 2019. Early application is encouraged for guidance related to standards that already have been implemented.