GASB has issued proposed implementation guidance in the form of questions and answers intended to clarify, explain or elaborate on certain GASB pronouncements.
The Exposure Draft, Implementation Guidance Update—2023, contains proposed new questions and answers that address application of GASB standards on leases, subscription-based information technology arrangements, and accounting changes. The proposal also includes amendments to previously issued implementation guidance on leases.
GASB periodically issues new and updated guidance to assist state and local governments in applying generally accepted accounting principles (GAAP) to specific facts and circumstances that they encounter. GASB develops the guidance based on:
Application issues raised during due process on GASB pronouncements
Application issues identified during the first stage of the GASB’s post-implementation reviews of the lease's standards
Questions it receives throughout the year
Topics identified by members of the Governmental Accounting Standards Advisory Council and other stakeholders
The guidance in Implementation Guides is cleared by the Board and constitutes Category B GAAP.
Stakeholders are asked to review the proposal and provide input to the GASB by Jan. 20, 2023. Comments may either be submitted in writing or through an electronic input form.