GASB PUBLISHES NEW AUTHORITATIVE
IMPLEMENTATION
GUIDE
Norwalk, CT, August 27, 2015—The
Governmental Accounting Standards Board (GASB) today published a document that
details comprehensive authoritative implementation guidance cleared by the Board
for state and local governments.
Implementation
Guide No. 2015-1 incorporates changes resulting from feedback received
during the year-long public exposure of previously issued implementation
guidance, which was done in conjunction with the due process leading up to the
issuance of GASB Statement No. 76, The Hierarchy of Generally Accepted
Accounting Principles for State and Local Governments.
Statement 76
reduces the GAAP hierarchy to two categories of authoritative GAAP. The first
category of authoritative GAAP consists of GASB Statements of Governmental
Accounting Standards. The second category includes GASB Implementation Guides,
GASB Technical Bulletins, and guidance from the American Institute of Certified
Public Accountants that is cleared by the GASB.
Going forward, all new
GASB implementation guidance, due to its elevated authoritative status, will be
exposed for a period of broad public comment prior to issuance, as is done for
other GASB pronouncements.
The requirements of Implementation Guide
2015-1 are effective for reporting periods beginning after June 15, 2015.
The guide is available for download free of charge on the GASB website.
About the Governmental Accounting Standards
Board
Established in 1984, the GASB is the independent,
private-sector organization based in Norwalk, Connecticut, that establishes
accounting and financial reporting standards for U.S. state and local
governments that follow Generally Accepted Accounting Principles (GAAP). These
standards are recognized as authoritative by state and local governments, state
Boards of Accountancy, and the American Institute of CPAs (AICPA). The GASB
develops and issues accounting standards through a transparent and inclusive
process intended to promote financial reporting that provides useful information
to taxpayers, public officials, investors, and others who use financial reports.
The Financial Accounting Foundation (FAF) supports and oversees the GASB. For
more information, visit http://www.gasb.org/.