Last month, the Governmental Accounting Standards Board (“GASB”) issued new guidance to help state and local governments with their treatment of equity interests for financial reporting purposes. According to GASB Statement No. 90, Majority Equity Interests, a government entity’s majority equity interest in a legally separate business must be disclosed as an investment if the equity interest meets the definition of an investment. Statement No. 90 is effective for reporting periods starting after December 15, 2018. Early application is encouraged.