GASB ESTABLISHES NEW IMPLEMENTATION GUIDANCE TO ASSIST STAKEHOLDERS WITH RECENT PRONOUNCEMENTS

Norwalk, CT, May 21, 2018—The Governmental Accounting Standards Board (GASB) today issued implementation guidance containing questions and answers intended to clarify, explain, or elaborate on certain GASB Statements.

Implementation Guide No. 2018-1, Implementation Guidance Update–2018, addresses new questions about application of the Board's standards on pensions, other postemployment benefits, the statistical section, regulatory reporting, and tax abatement disclosures. The Implementation Guide also includes amendments to previously issued implementation guidance on relevant topics.

The requirements of Implementation Guide 2018-1 are effective for reporting periods beginning after June 15, 2018. The guide is available to download free of charge on the GASB website.