Proposals
Implementation guidance update
On Nov. 17, 2020, the GASB issued an exposure draft, “Implementation Guidance Update – 2021,” to clarify, explain, or elaborate on certain GASB pronouncements.
The exposure draft proposes 28 new questions and answers to address application of existing GASB standards covering various topics including the following:
- Accounting and financial reporting for derivative investments
- Fiduciary activities
- Leases
- Accounting and financial reporting for nonexchange transactions
In addition, the exposure draft proposes amendments to four previously issued questions and answers from Implementation Guides 2015-1 and 2019-1.
Comments are due to the GASB by Feb. 15, 2021.
COVID-19 resources
GASB emergency toolbox
The GASB continues to maintain a toolbox on its website to assist governments and other stakeholders in quickly identifying authoritative GASB guidance that could be relevant to the current circumstances related to COVID-19. In addition, the toolbox includes links to other professional organizations from which stakeholders might get nonauthoritative recommendations for financial reporting and other activities as governments deal with the pandemic’s effects.