Accounting
Guides Provide Clarity on Implementation of GASB Standards
The Governmental Accounting Standards Board (GASB) has issued two new Implementation Guides containing questions and answers intended to clarify, explain, or elaborate on GASB Statements.
May. 10, 2017
The Governmental Accounting Standards Board (GASB) has issued two new Implementation Guides containing questions and answers intended to clarify, explain, or elaborate on GASB Statements.
Implementation Guide No. 2017-1, Implementation Guidance Update—2017, addresses a wide array of practice issues, including new questions related to the standards on pensions, cash flow statements, the financial reporting entity, investments, external investment pools, fund balance, and tax abatements. The guide also includes amendments to previously issued implementation guidance.
Implementation Guide No. 2017-2, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, provides answers to more than 150 questions about Statement No. 74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans. These plans are referred to as other postemployment benefit plans (OPEB plans), and the benefits they administer (primarily retiree healthcare) are referred to as other postemployment benefits (OPEB).
The questions and answers contained in GASB Implementation Guides constitute Category B authoritative guidance under generally accepted accounting principles (GAAP). The guidance is applicable to all state and local governments that follow GAAP when preparing their financial statements.