Government Controllers Speak

Discover how government controllers are leading the state and federal governments out of the pandemic in FEI's ForwardThinking Q2 Series.

Financial Reporting and Regulatory Update

Fourth Quarter 2020

From the GASB

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.