GASB proposes implementation guidance


Authored by RSM US LLP

The Governmental Accounting Standards Board (GASB) recently issued an Exposure Draft, Implementation Guidance Update – 2020, to provide guidance that clarifies, explains or elaborates on recent GASB Statements. The proposed implementation guide addresses a wide array of practice issues, including questions related to the application of standards on the financial reporting entity, fiduciary activities, leases, external investment pools, certain asset retirement obligations, and conduit debt obligations, among others.

If finalized, the requirements of the proposed implementation guide generally will be effective for reporting periods beginning after June 15, 2020. The Exposure Draft is available for comment until January 31, 2020.