GASB PUBLISHES NEW IMPLEMENTATION GUIDANCE
Norwalk, CT, March 24, 2016—The Governmental Accounting Standards Board (GASB) today issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on recent GASB Statements.
TO ASSIST STAKEHOLDERS WITH RECENT PRONOUNCEMENTS
Implementation Guide No. 2016-1, Implementation Guidance Update–2016, primarily addresses questions that have been raised relative to the Board’s recently issued standards on fair value and tax abatement disclosures. The Guide also addresses a wide array of practice issues on other topics that have been brought to the GASB’s attention and reinstates certain previously superseded questions and answers that have been updated for the effects of newly issued standards on pensions and other postemployment benefits.
The requirements of Implementation Guide 2016-1 are effective for reporting periods beginning after June 15, 2016. The Guide is available to download free of charge on the GASB website.
About the Governmental Accounting Standards Board
Established in 1984, the GASB is the independent, private-sector organization based in Norwalk, Connecticut, that establishes accounting and financial reporting standards for U.S. state and local governments that follow Generally Accepted Accounting Principles (GAAP). These standards are recognized as authoritative by state and local governments, state Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB develops and issues accounting standards through a transparent and inclusive process intended to promote financial reporting that provides useful information to taxpayers, public officials, investors, and others who use financial reports. The Financial Accounting Foundation (FAF) supports and oversees the GASB. For more information, visit www.gasb.org.