Implementation Guidance—2019 Update
Project Description: The objective of this project is to update implementation guidance for additional issues that come to the attention of the staff. This project will result in the issuance of an annual Implementation Guide. In addition, all updates will be incorporated into the Codification of Governmental Accounting and Financial Reporting Standards and the Comprehensive Implementation Guide, as appropriate.
Implementation Guide No. 2019-1, Implementation Guidance Update–2019, approved: April 2019
Implementation Guidance—2019 Update—Project PlanProject History:
- Exposure Draft of 2019 update cleared: November 2018
- Comment period: December 2018–January 2019
- Redeliberations began: March 2019
- Implementation Guide No. 2019-1, Implementation Guidance Update–2019, cleared for issuance: April 2019
- Current update project proposed for addition to current technical agenda: April 2019
- Consultative group appointed? No
Minutes of Meetings, April 22–24, 2019
The Board reviewed a ballot draft of Implementation Guide No. 2019-1, Implementation Guidance Update—2019. The Board did not object to the issuance of the Implementation Guide.
Minutes of Teleconference, April 1, 2019
The Board reviewed a preballot draft of the final Implementation Guide, Implementation Guidance Update—2019. The majority of the Board requested that Question 4.1, regarding cash flows reporting for certain irrevocable split-interest agreement circumstances, be removed from the document and that the issues identified in the question and answer be reconsidered at a later date. After completing the review of the preballot draft, the Board did not object to the preparation of a ballot draft of the final Implementation Guide for consideration at the April meeting.
Minutes of Meeting, March 13, 2019
The Board discussed feedback received from respondents to the Exposure Draft, Implementation Guidance Update—2019. The Board considered the project staff’s recommendations for potential modifications to certain proposed questions and answers in response to that feedback. A majority of the Board did not object to the project staff’s recommendations, which were as follows:
- Question 4.1 should be modified to clarify that both the question and the answer apply to situations in which the government is acting as the intermediary in an irrevocable split-interest agreement.
- No modifications should be made to Question 4.2 or Question 4.3.
- No modifications should be made to Question 4.4, Question 4.5, or Question 4.6.
- Question 4.8 should be modified to depict a scenario in which a notice of grant award was provided prior to the end of the fiscal year and the grant agreement was executed after the fiscal year-end. In addition, the Board requested that the staff consider additional clarifying edits in the answer.
- Question 4.9 should be modified to refer to the availability of the insurance recovery.
- Question 4.10 should be modified to include a cross-reference to Question 4.11, and no modifications should be made to Question 4.11.
- No modifications should be made to Question 4.12.
- Question 4.13 should be modified to clarify that the question posed relates specifically to the fee-in-lieu-of-taxes agreement that is described in the scenario.
- No modifications should be made to Question 5.1.
- Question 5.2 and Question 5.3 should be modified to limit the scenarios to address stand-alone postemployment benefit plan financial reporting, thereby eliminating the need for the modification that was proposed in the Exposure Draft.
The Board agreed that the project staff should present a preballot draft of a final Implementation Guidance Update for discussion at the April 2019 teleconference.
Minutes of Meetings, November 14–16, 2018
The Board reviewed a ballot draft of an Exposure Draft of a proposed Implementation Guide, Implementation Guidance Update—2019, and provided suggestions for clarifying edits. The Board did not object to the issuance of the Exposure Draft.
Minutes of Teleconference, October 22, 2018
The Board reviewed and provided clarifying comments on two additional staff-proposed questions and answers—one on cash flows reporting and one on application of Statement No. 48, Sales and Pledges of Receivables and Future Revenues and Intra-Entity Transfers of Assets and Future Revenues. The Board also reviewed additional staff-proposed amendments to Question 5.74.1 in Implementation Guide No. 2015-1 and Question 4.53 in Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, to address an issue identified since the initial discussion of project staff proposals for this update. The Board then reviewed and provided clarifying comments on the preballot draft of an Exposure Draft of an Implementation Guide, Implementation Guidance Update—2019. The Board did not object to moving forward with development of a ballot draft of the Exposure Draft for consideration at the November Board meeting.
Minutes of Meetings, October 2–4, 2018
The Board reviewed potential new questions and answers and proposed amendments to existing questions and answers related to an implementation guidance update, provided suggested clarifying edits, and tentatively did not object to the proposed new questions and answers and proposed amendments to existing questions and answers, as modified, to be incorporated into the next implementation guidance update for the following topics:
- The financial reporting entity
- Postemployment benefits (pensions and OPEB)
- Derivative instruments
- Nonexchange transactions
- Irrevocable split-interest agreements
- Insurance recoveries
- Valuation of intra-entity transfers
- Fund balance
- Tax abatement disclosures