On the Horizon:
GASB Preparing Draft Implementation Guides

Throughout their life cycle, the GASB’s standards are fueled by robust stakeholder outreach. The process begins before we add a project to our agenda and continues long after we issue final standards. One of the hallmarks of creating standards that work is providing stakeholders with resources that assist in the implementation phase.
 
One of the hallmarks of creating standards that work is providing stakeholders with resources that assist in the implementation phase.

To ease the transition to implementing new standards, the GASB staff currently is readying a pair of Implementation Guides on key governmental accounting and financial reporting topics: fiduciary activities and leases.

The Guides will offer question-and-answer guidance designed to assist state and local governments and other stakeholders in implementing the recently issued fiduciary activities and leases standards.  It is important to note that the implementation guidance will not break new ground. Instead, it will clarify, explain, or elaborate on the Board’s existing guidance in those areas.

The Board will release proposed implementation guidance for stakeholder review and comment before issuing final documents. Stakeholders are encouraged to provide feedback. Both the proposed guidance and the final Guides will be available at www.gasb.org.
 

Fiduciary Activities Implementation Guide


This Guide will address issues related to key aspects of Statement No. 84, Fiduciary Activities.  Potential topics include:
  • How the standards may impact the application of Statement No. 14, The Financial Reporting Entity, as amended.
  • Applying the fiduciary activities criteria to the GASB’s guidance addressing postemployment benefit plans
  • Applying the fiduciary activities criteria to activities not related to postemployment benefits
  • Determining which fiduciary fund classification should be used to report a fiduciary activity, and
  • Reporting fiduciary activities in fiduciary fund financial statements. 
Timing:
  • Draft guide expected: Year-end 2018
  • Final guide expected: Spring 2019.

Leases Implementation Guide


This guide will address issues related to key aspects of Statement No. 87, Leases.  Potential topics include:
  • The scope of the standards and application of the definition of a lease
  • Identifying the term of a lease
  • Short-term leases
  • Lessee/lessor recognition, measurement, and disclosure, and
  • Lease incentives.
Timing:
  • Draft guide expected: Winter 2019
  • Final guide expected: Late spring 2019.