GASB PUBLISHES NEW IMPLEMENTATION GUIDANCE
Norwalk, CT, March 24, 2016—The Governmental Accounting
Standards Board (GASB) today issued implementation guidance containing
questions and answers intended to clarify, explain, or elaborate on
recent GASB Statements.
TO ASSIST STAKEHOLDERS WITH RECENT PRONOUNCEMENTS
Implementation Guide No. 2016-1, Implementation Guidance Update–2016,
primarily addresses questions that have been raised relative to the
Board's recently issued standards on fair value and tax abatement
disclosures. The Guide also addresses a wide array of practice issues on
other topics that have been brought to the GASB's attention and
reinstates certain previously superseded questions and answers that have
been updated for the effects of newly issued standards on pensions and
other postemployment benefits.
The requirements of Implementation Guide 2016-1 are effective for
reporting periods beginning after June 15, 2016. The Guide is available
to 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 www.gasb.org.