GASB PROPOSES IMPLEMENTATION GUIDANCE
Norwalk, CT, September 30, 2015—The Governmental Accounting Standards Board (GASB) today issued a proposed Implementation Guide containing questions and answers intended to clarify, explain, or elaborate on recent GASB Statements.
DESIGNED TO CLARIFY RECENT PRONOUNCEMENTS
The proposed implementation guide focuses on questions that have been raised related to GASB’s new standards on pensions, retiree healthcare benefits, and fair value reporting. The proposed guide also addresses a wide array of practice issues on other topics that have been brought to the GASB’s attention. The Exposure Draft of Implementation Guide No. 20XX-X, Implementation Guidance Update—20XX, is available on the GASB website, www.gasb.org. Stakeholders are encouraged to review and provide comments by November 30, 2015.
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.