The Governmental Accounting Standards Board (GASB) recently issued an Exposure Draft, Implementation Guidance Update – 2021, in the form of a proposed implementation guide to provide guidance that clarifies, explains or elaborates on GASB Statements. The proposed implementation guide addresses a wide array of practice issues, including questions related to the application of standards on the accounting and financial reporting for derivative instruments, fiduciary activities, leases, and nonexchange transactions. It also amends questions and answers provided in several previously issued Implementation Guides.
If finalized, the requirements of the proposed implementation guide generally will be effective for reporting periods beginning after June 15, 2022. The Exposure Draft is available for comment until February 15, 2021.
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