GASB establishes new guidance to assist stakeholders with the implementation and application of various pronouncements

GASB has issued question-and-answer guidance intended to clarify, explain or elaborate on the implementation and application of certain GASB Statements.

Implementation Guide No. 2019-1, Implementation Guidance Update–2019, addresses new questions about application of the Board’s standards on multiple topics, including but not limited to:

• Derivative instruments
• Disaster-related expenditure-driven grants
• Irrevocable split-interest agreements
• Postemployment benefits
• Tax abatement disclosures
• Transfers of capital assets within a financial reporting entity

Implementation Guide 2019-1 also includes amendments to previously issued implementation guidance.

The requirements of Implementation Guide 2019-1 are effective for reporting periods beginning after June 15, 2019. Early application is encouraged for guidance related to standards that already have been implemented.