News Release 11/30/16
GASB PROPOSES IMPLEMENTATION GUIDANCE
DESIGNED TO CLARIFY RECENT PRONOUNCEMENTS
Norwalk, CT, November 30, 2016—The Governmental Accounting Standards Board (GASB) today issued a proposed Implementation Guide containing questions and answers intended to clarify, explain, or elaborate on GASB Statements.
The proposed Implementation Guide addresses a wide array of practice issues, including questions related to the GASB’s accounting and financial reporting standards on pensions, cash flow statements, the financial reporting entity, certain investments, external investment pools, fund balance, and tax abatements. The proposed Implementation Guide also includes amendments to previously issued implementation guidance.
The Exposure Draft of Implementation Guide No. 201X-Y, Implementation Guidance Update—201X, is available on the GASB website, www.gasb.org. Stakeholders are encouraged to review and provide comments by January 31, 2017.
About the Governmental Accounting Standards Board
Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.