GASB Readying Series of Final Implementation Guides
To assist in the transition to new standards, the GASB regularly issues Implementation Guides that offer insight into how to address various aspects of new accounting and financial reporting guidance. Also, almost every year, the GASB issues an Implementation Guidance Update with questions and answers on various GASB standards.
To assist in the transition to new standards, the GASB regularly issues Implementation Guides that offer insight into how to address various aspects of new accounting and financial reporting guidance.
Currently, the GASB is readying a pair of Implementation Guides on fiduciary activities and leases. Also, the GASB is in the process of issuing a new Implementation Guidance Update for 2019 (available May 2).
We issued draft Guides late last year on fiduciary activities and early this year on leases to receive stakeholders’ feedback regarding both the questions and answers. After hearing from you during the comment periods, we made some adjustments and are now in the process of finalizing the Guides for issuance.
It is important to note that the Implementation Guides are designed to clarify, explain, or elaborate on the Board’s existing guidance.
Fiduciary Activities Implementation Guide
This Guide will address issues related to key aspects of Statement No. 84, Fiduciary Activities. 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 for 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.
- Final Guide expected June 2019.
Leases Implementation Guide
This Guide will address issues related to key aspects of Statement No. 87, Leases. Topics include:
- The scope of the standards and application of the definition of a lease
- Identifying the term of a lease
- Treatment of short-term leases
- Lessee/lessor recognition, measurement, and disclosure, and
- Lease incentives.
- Final Guide expected July or August 2019.
Implementation Guidance Update
As previously noted, the GASB will issue a final Implementation Guide No. 2019-1, Implementation Guidance Update–2019, in early May 2019. The Guide introduces new questions and answers and also includes amendments to previously issued implementation guidance on relevant topics.
More information on the Fiduciary Activities Implementation Guide project
More information on the Leases Implementation Guide project
Final Implementation Guides are available here