Media Advisory 05/02/19
GASB Establishes New Guidance to Assist Stakeholders With the Implementation and Application of Various Pronouncements
Norwalk, CT, May 2, 2019—The Governmental Accounting Standards Board (GASB) today 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.
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.
The guide is available to download free of charge on the GASB website.