Status of Implementation Guide No. 2021-1

Status of Implementation Guide No. 2021-1, Implementation Guidance Update—2021


Issued: May 2021

Effective date:

The requirements of this Implementation Guide are effective as follows:
  • Questions 4.1–4.3, 4.23, and 5.2–5.4 and the supersession of Questions Z.51.4–Z.51.7 in Implementation Guide No. 2015-1 for reporting periods beginning after June 15, 2022
  • Questions 4.4–4.21 for fiscal years beginning after June 15, 2022, and all reporting periods thereafter
  • Question 4.22 for fiscal years beginning after June 15, 2021
  • Question 5.1 for reporting periods beginning after June 15, 2023.
Earlier application is encouraged if the pronouncement addressed by the question and answer has been implemented.

Affects:
  • Will supersede GASBIG 2015-1, QZ.51.4–QZ.51.7
  • Will amend GASBIG 2015-1, Q7.9.8, Q7.33.5, and Q7.55.3
  • Will amend GASBIG 2019-1, Q4.9
Affected by:
  • No other pronouncements
Primary Codification Sections: Will be codified throughout
 

Abbreviations for Accounting Pronouncements

GASBS - GASB Statements
GASBCS - GASB Concepts
GASBI - GASB Interpretations
GASBTB - GASB Technical Bulletins
GASBIG - GASB Implementation Guides
NCGAS - NCGA Statements
NCGAI - NCGA Interpretations
AICPA SOP - AICPA Statements of Position

AICPA ASLGU - AICPA Audit Guide (1974)
BFC - Basis For Conclusions