Implementation Guidance—2018 Update

Project Description: The objective of this project is to update implementation guidance for additional issues that come to the attention of the staff. This project will result in the issuance of an annual Implementation Guide. In addition, all updates will be incorporated into the Codification of Governmental Accounting and Financial Reporting Standards and the Comprehensive Implementation Guide.

Status:
Implementation Guide No. 2018-1, Implementation Guidance Update—2018 cleared for issuance: May 2018

• Background
• Project History
• Recent Minutes
• Tentative Board Decisions
• Project staff:
  • Michelle Czerkawski

Implementation Guidance—2018 Update—Project Plan

Background: Implementation guidance is updated annually through the addition of new questions and answers.

• Implementation Guide No. 2017-1, Implementation Guidance Update—2017 cleared for issuance: April 2017
• Current update project added to current technical agenda: April 2017
• Deliberations began: October 2017
• Exposure Draft issued: November 2017
• Comment Period: December 2017—January 2018
• Redeliberations began: March 2018
• Implementation Guidance Update No. 2018, Implementation Guidance Update—2017 cleared for issuance: April 2018
• Consultative group appointed? No  

Implementation Guidance—2018 Update—Recent Minutes

Minutes of Teleconference, May 7, 2018

The Board reviewed and provided clarifying edits on a ballot draft of Implementation Guide No. 2018-1, Implementation Guidance Update—2018. The Board did not object to the issuance of the Implementation Guide.

Minutes of Meetings, April 17–18, 2018

The Board reviewed a preballot draft of the final Implementation Guide, Implementation Guidance Update—2018, and provided clarifying edits. The Board did not object to moving forward with the development of a ballot draft of a final Implementation Guide.

Minutes of Teleconference, March 26, 2018

The Board discussed issues raised by respondents to the Exposure Draft of Implementation Guide No. 201Y-X, Implementation Guidance Update—201Y. The Board considered the project staff’s recommendations for potential modifications to certain proposed questions and answers in response to those issues. The Board did not object to the project staff’s recommendations, which were as follows:

• No modifications should be made to the structure of the Implementation Guides or to the manner in which codification instructions are presented for purposes of a final Implementation Guide for this project
• Question 4.2 should be modified to include a reference to paragraph 36a of Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans
• Question 4.4 should be modified for clarity and to include an example of an indirect conservation outlay, and both Question 4.4 and Question 4.5 should be modified to remove references to qualifying costs
• Question 4.6 should be modified to clarify that, in the example in that question and answer, the government is not forgoing revenues
• Question 4.7 should be modified to clarify that to meet the definition of a tax abatement in Statement No. 77, Tax Abatement Disclosures, a transaction is required to meet the characteristics established in the Statement, including characteristics other than that discussed in the question and answer
• To exclude Question 4.8 from the final Implementation Guide
• Question 5.1 should be modified to remove language that unnecessarily narrowed the scenario in the question and to clarify that a relevant aspect of the scenario is that the mutual fund in the question invests in securities that are not denominated in U.S. dollars
• Questions 5.3 should be modified to correct a cross-reference, and both Question 5.3 and Question 5.4 should include clarifying edits
• No modifications should be made to Question 5.5
• No modifications should be made to Question 5.6.

Minutes of Teleconference, November 20, 2017

The Board reviewed and provided comments on a ballot draft of the Exposure Draft of a proposed Implementation Guide, No. 201Y-X, Implementation Guidance Update—201Y. The Board did not object to the issuance of the Exposure Draft.

Minutes of Meetings, October 31−November 2, 2017

The Board reviewed and provided comments on the preballot draft of an Exposure Draft of Implementation Guide No. 201Y-X, Implementation Guidance Update—201Y, including an additional staff-proposed amendment to Question 4.77 in Implementation Guide No. 2016-1, Implementation Guidance Update—2016, to address an issue identified since the initial discussion at the October 16, 2017 teleconference meeting of project staff proposals for this update. The Board did not object to moving forward with development of a ballot draft of the Exposure Draft for consideration at the November 20, 2017 teleconference.

Minutes of Teleconference, October 16, 2017

The Board evaluated and tentatively did not object to proposed new questions and answers and proposed amendments to existing questions and answers to be incorporated into the next implementation guidance update for the following topics:

• Disclosures Related to Deposits with Financial Institutions, Investments (including Repurchase Agreements), and Reverse Repurchase Agreements
• Cash Flows Reporting
• Pensions—Plan and Employer Accounting and Reporting
• Basic Financial Statements and Management’s Discussion and Analysis
• Postemployment Benefits Other Than Pensions—Plan and Employer Accounting and Reporting
• The Statistical Section
• Other Implementation Guidance—Regulated Operations
• Other Implementation Guidance—Tax Abatement Disclosures.

Implementation Guidance—2018 Update—TENTATIVE DECISIONS TO DATE